AstraZeneca reaches £351m settlement over heartburn drug claims
- The settlement is regarding product liability litigations
- This related to acid-reflux medicine in Nexium and Prilosec
AstraZeneca will pay a $425million (£351million) settlement to bring an end to claims in US courts regarding its heartburn drugs Nexium and Prilosec.
Reports suggest the settlement comes in the wake of claims the pharma giant failed to warn patients about potential risks associated with the drugs.
The FTSE 100 Anglo-Swedish firm said the agreements will resolve claims that were still pending in the District Court of New Jersey and the Superior Courts in Delaware and New Jersey.
However, it said the settlement was not an admission of wrongdoing.
The Anglo-Swedish firm revealed that it is to pay $425million (around £351million) in product liability litigations related to Nexium and Prilosec
AstraZeneca said it ‘continues to believe these claims are without merit and admits no wrongdoing in the settlement agreement’.
It added: ‘These settlements avoid continued costly litigation and allow the company to move forward with its purpose of delivering life changing medicines to millions of patients around the world.’
The company also reported that a single case did remain open in the US District Court for the Middle District of Louisiana, with the trial scheduled for 15 April, 2024.
Nexium and Prilosec are prescription only drugs used to treat patients with acid-related symptoms and diseases.
Last month, AstraZeneca reported positive results in a breast case drug trial in which an experimental drug slowed progression of the disease.
The pharma giant told shareholders the drug has led to ‘statistically significant and clinically meaningful improvement’ in slowing down a type of breast cancer in trial patients compared to chemotherapy.
Datopotamab deruxtecan (Dato-DXd) was jointly developed by the British-Swedish group and Japanese global healthcare company Daiichi Sankyo.
AstraZeneca shares are up by 0.60 per cent in morning trading on Tuesday