The health giants battle lawsuits linking once popular heartburn drug Zantac to cancer
Sanofi, GSK and Haleon extended their declines and have lost a combined $40bn in market value since Tuesday’s close amid mounting concerns about litigation around recalled heartburn drug Zantac.
GSK declined to comment on stock moves and lawsuits around Zantac, while Haleon said it is not a party of the litigation proceedings and that it has never marketed the drug in any form in the US, either as Haleon or as GSK Consumer Healthcare. Sanofi did not immediately respond to requests for comment.
Highlighting an upcoming Illinois case on August 22 and some key court trials in early 2023, Deutsche Bank analyst Emmanuel Papadakis warned on Thursday that the issues are likely to act as short-term headwinds for both GSK and Sanofi shares. Zantac was withdrawn from the market in 2019 after the US Food and Drug Administration said it appears to produce unacceptably high levels of a cancer-causing chemical when exposed to heat for as little as five days.
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