First Zantac Lawsuit Plaintiff Settles For $500,000
Generic drugmakers Teva Pharmaceutical Industries Ltd., Perrigo Co., Sun Pharmaceutical Industries Inc. and Dr. Reddy’s Laboratories Inc. agreed to a combined Zantac Lawsuit settlement of more than $500,000 with Joseph Bayer after he alleged the popular heartburn medication caused his esophageal cancer, according to the people. The settlements occurred over the course of months, but the plaintiff’s lawyers on Monday notified the judge overseeing the case that they are dropping the lawsuit after Bayer returned to the hospital for cancer treatment.
Zantac Lawsuit Settlement Amounts Coming To Light
Former Zantac users who have sued claim generic drugmakers as well as companies such as Pfizer Inc. and GSK Plc knew the drug’s active ingredient, ranitidine, degraded and turned into the potential carcinogen NDMA under certain conditions. They argued that the drugmakers knew about the deterioration for years and didn’t stop selling the product. Shares of the drug companies sank last week on growing concerns about Zantac litigation.
Pharma Companies Stock Prices Hit Hard Over Zantac Lawsuits
Sanofi and other former Zantac makers fell after news broke that the first cancer case slated for trial was dropped, though it was unclear why that hurt the stocks. Sanofi officials said in a statement the company was dismissed from the Bayer case in Illinois and didn’t participate in the settlements, which were funded by generic drugmakers.