Packages of Zantac, a popular heartburn medication, are seen on a drugstore shelf Sept. 19, 2019, in New York City. 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.
The deal is likely to reassure investors, who have seen other Zantac makers, including GSK Plc and Sanofi, sign settlements. Concerns about the drugmakers’ exposure to Zantac suits helped wipe out about $45 billion in combined market value in the summer of 2022. The shares have since recovered and have risen on news of the earlier deals.Bloomberg News reported last month that Sanofi agreed to pay more than $100 million to resolve about 4,000 Zantac cases.
Zantac plaintiffs’ lawyers filed an April 29 notice that the Chicago judge had cleared the case for trial. They noted that the order applied only to GSK and Boehringer Ingelheim GmbH, which also made Zantac at one point, because “Pfizer had already settled.”
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