In India Shares of GlaxoSmithKline Pharmaceuticals are trading at Rs 1341, up 0.9 percent from the previous close on the BSE. Other than that Indian Pharma companies, Strides Pharma Science JB Chemicals and Dr Reddy's Laboratories also sell ZANTAC Generics in the US Market.
Shares of GlaxoSmithKline Pharmaceuticals (GSK) surged nearly 3 percent on BSE after the US court made a ruling in favour of US Pharma companies in the Zantac drug case.
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In Florida, District Court Judge Robin Rosenberg ruled that claims that Zantac causes cancer lack scientific merit, dismissing about 50,000 cases.
As a result of this, shares in GSK plc (LON: GSK) and Sanofi SA (EPA:SASY) nearly 13 percent and 8 percent respectively.
In India Shares of GlaxoSmithKline Pharmaceuticals are trading at Rs 1341, up 0.9 percent from the previous close on the BSE.
Other than that Indian Pharma companies, Strides Pharma Science JB Chemicals and Dr Reddy's Laboratories also sell ZANTAC Generics in the US Market.
Shares of Strides Pharma Science are at Rs 365, down 2.17 percent from the previous close on the BSE. Dr Reddy's Laboratories shares are at Rs 4,367, down 0.15 percent and Shares of J B Chemicals and Pharmaceuticals is at Rs 2,020, down 0.46 percent from the previous close on the BSE.
In these cases, plaintiffs claimed that Zantac caused cancer. Furthermore, they alleged that GSK and Sanofi - as well as Pfizer Inc and privately held Boehringer Ingelheim - knew or failed to know that the treatment contained an active ingredient that could cause cancer. These firms failed to warn consumers adequately about the risks, according to them.
All of the drugmakers involved in these cases have denied that Zantac causes cancer.
"We are extremely surprised by this miscarriage of justice and fully expect that the Eleventh Circuit Court of Appeal will reverse these rulings on appeal, lawyers for the plaintiffs said in a joint statement as reported by Reuters.
In 2019, some pharmacies and drug manufacturers stopped selling Zantac, citing concerns that the ingredient, ranitidine, may decay over time into NDMA. It is common to find NDMA in foods and water in small amounts. However, when consumed in large quantities, it might cause cancer.
The U.S. Food and Drug Administration moved a year later to recall all brand names of Zantac and its generic versions off of shelves, saying that research suggested that the amount of NDMA in these products grows over longer storage times.
But in her court ruling on Tuesday, Rosenberg said that the expert witnesses the plaintiffs were planning to bring forward had used "unreliable methodologies" and lacked "science-based standards" needed to objectively evaluate the data surrounding the drug. As such, these experts could not be admitted in court, Rosenberg declared.
A GSK spokesperson said, Rosenberg's decision was welcomed and there is "no consistent or reliable evidence that ranitidine increases the risk of cancer."
Zantac litigation has been reduced "potentially by over 50 percent" according to a Sanofi spokesperson.
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