After a Florida judge threw out thousands of lawsuits involving heartburn drug Zantac on Tuesday, causing a number of pharmaceutical stocks to soar, analysts...
Shares of pharmaceutical giants GSK PLC and Sanofi SA soared on Wednesday after what one analyst described as a “best-case scenario” Florida ruling that dismissed thousands of potential lawsuits over heartburn drug Zantac.
On Tuesday, US District Judge Robin Rosenberg in West Palm Beach, Florida, dismissed the lawsuits that claimed Zantac, also known by its drug name ranitidine, can cause cancer. Pfizer PFE and Boehringer Ingelheim are the other drugmakers involved in the case, which have been selling Zantac for decades.
The pharma companies could still face appeals and personal injury cases in state courts as Judge Rosenberg’s multidistrict judgement does not apply to state litigation. Citi analysts said the Florida MDL ruling represents the “best-case scenario” for GSK and the co-defendants.
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