Sanofi confirms to Bloomberg Zantac settlement in California

Sanofi confirmed to Bloomberg that it settled a Zantac case in California. In a statement the company said: "Sanofi has reached a favorable agreement in principle to resolve Mr. Goetz’s claims against it. Sanofi settled this case not because it believes these claims have any merit, but rather to avoid the expense and distraction of a trial in California. With this settlement, Sanofi is not a defendant in any of the other California cases set for trial in 2023. Consistent with the federal court’s recent ruling that there is insufficient evidence that ranitidine can cause plaintiffs’ alleged cancers, Sanofi remains committed to its defense and to the safety of Zantac." Following the news, Barclays analyst Iain Simpson said the settlement "further removes the Zantac overhang for Sanofi (at least in the near term)." Shares of Sanofi are up 2% to $48.07 in afternoon trading.