GSK has stated that it will ‘vigorously’ defend itself against any ‘baseless’ assertions that its heartburn medication Zantac raises the risk of cancer.
GSK revealed that it has been identified as a defendant in about 3,000 personal injury claims in the United States, in response to escalating fears over a potential lawsuit that brought its stock down 10% yesterday.
It faces “multiple class actions” outside the United States, including Israel, and more than 100 personal injury cases in Canada.
However, the group countered that the lawsuit was “inconsistent with the scientific consensus.”
In addition, both the U.S. Food and Medicine Administration and the European Medicines Agency decided that there was “no indication of a causal link” between the drug and the development of cancer.
In 2019, GSK withdrew Zantac because it included a chemical known as a potential factor for the development of certain malignancies.
Created by GSK, the medication was made available over-the-counter in the United States by French pharmaceutical manufacturer Sanofi.
The business stated, “The overwhelming weight of scientific evidence supports the conclusion that ranitidine does not enhance the risk of cancer.
GSK will actively defend itself against all baseless assertions asserting the opposite.
GSK shares increased 2.4% in early Friday trading to 1,433.8p.
Haleon, which was spun out from GSK in July, stated that it was not a party to any Zantac claims and was “not mainly accountable” for any over-the-counter or prescription Zantac claims.
However, it cautioned that it may need to compensate both GSK and Pfizer if the two become targets of legal action.
Pfizer stated that it sold Zantac products between 1998 and 2006, therefore by the time the drug was pulled from the market in 2019 and 2020, it had already ceased sales.
Haleon shares, which were down 5% yesterday, increased 0.6% to 267.30p in Friday morning trading.
New York-traded Pfizer shares declined 3.3% to settle at $48.29 per share. The price of Sanofi shares listed in Paris rose 0.3% to €85.
