![\"Zantac](\"http:\/\/www.tomgrimshaw.com\/tomsblog\/wp-content\/uploads\/2024\/06\/Zantac_Cancer_Settlement-300x263.jpg\")
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Pfizer Inc. has agreed to settle more than 10,000 cases accusing it of hiding the cancer risks of its Zantac heartburn drug, according to people familiar with the deal, the biggest of the litigation.<\/p>\n
The agreements cover cases in state courts across the US but don\u2019t completely resolve the company\u2019s exposure to Zantac claims, according to the people, who spoke on the condition of anonymity because they weren\u2019t authorized to discuss the settlement publicly. Financial details of the accords weren\u2019t immediately available.<\/p>\n
The deal is likely to reassure investors, who have seen other Zantac makers, including\u00a0GSK Plc\u00a0and Sanofi, sign settlements. Concerns about the drugmakers\u2019 exposure to Zantac suits helped wipe out about\u00a0$45 billion\u00a0in combined market value in the summer of 2022. The shares have since recovered and have risen on news of the earlier deals.<\/p>\n
Pfizer shares fell 1.5% in trading before US markets opened Thursday. They\u2019ve lost 27% in the past 12 months through Wednesday\u2019s close.<\/p>\n
\u201cPfizer has explored and will continue to explore opportunistic settlements of certain cases if appropriate, and has settled certain cases,\u201d the New York-based company said in an emailed statement. \u201cThe company has not sold a Zantac product in more than 15 years and did so only for a limited period of time.\u201d<\/p>\n