Sanofi will pay more than $100M to settle about 4,000 lawsuits accusing the company of failing to warn users that its Zantac heartburn medicine could cause cancer, Jef Feeley of Bloomberg reports, citing people familiar with the deal. The settlement was announced earlier this month, but the amount was not made public at that time Feeley notes. The deal provides former Zantac users with an average of more than $25,000 per claim, sources told Bloomberg. Shares of Sanofi are up 1% to $46.90 following the report.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on SNY:
- VGK vs. EZU: Which Is the Better European Stock ETF?
- IGM Biosciences weakness creates ‘interesting opportunity,’ says Stifel
- IGM Biosciences announces refocusing of Sanofi collaboration
- Meet First Wave BioPharma: Exclusive interview with CEO James Sapirstein
- Nurix eligible for $2.5B in research collaboration with Sanofi for ‘STAT6’
