Stock market data from financial platforms like Bloomberg or Yahoo Finance

GSK to Pay Up to $2.2B to Settle 80,000 U.S. Zantac Contamination Cases

Oct 9, 2024, 05:05 PM

GlaxoSmithKline (GSK) announced that it has reached agreements to settle approximately 80,000 U.S. state court Zantac product liability cases, representing 93% of such cases, for up to $2.2 billion. The litigation concerns claims related to the contamination of its Zantac (ranitidine) reflux medication. The settlements, involving agreements with ten plaintiff firms, are expected to be finalized by the first half of 2025. GSK will record a charge of £1.8 billion ($2.3 billion) in its third-quarter 2024 results to cover the settlement costs. Additionally, the company resolved a Qui Tam complaint for $70 million. GSK's shares were briefly halted pending the news and have since resumed trading.