AstraZeneca reaches £351m settlement over damages claims over heartburn medication
- The settlement concerns product liability disputes
- This referred to the heartburn medicines in Nexium and Prilosec
AstraZeneca will pay a $425 million (£351 million) settlement to end lawsuits in US courts over its heartburn drugs Nexium and Prilosec.
The settlement reportedly comes amid allegations that the pharmaceutical giant failed to warn patients about potential risks associated with the drugs.
The Anglo-Swedish FTSE 100 company said the agreements would resolve claims still pending in the District Court of New Jersey and the superior courts in Delaware and New Jersey.
However, it said the settlement did not constitute an admission of wrongdoing.
The Anglo-Swedish company said it will have to pay $425 million (around £351 million) for product liability claims relating to Nexium and Prilosec
AstraZeneca said it “continues to believe these claims are without merit and does not admit any wrongdoing in the settlement agreement.”
It added: “These settlements avoid further costly litigation and allow the company to advance its goal of delivering life-changing medicines to millions of patients around the world.”
The company also reported that a single case remains pending in the U.S. District Court for the Middle District of Louisiana, with trial scheduled for April 15, 2024.
Nexium and Prilosec are prescription medications used to treat patients with acid-related symptoms and illnesses.
Last month, AstraZeneca reported positive results from a drug trial in breast disease, in which an experimental drug slowed disease progression.
The pharmaceutical giant told shareholders that the drug resulted in a “statistically significant and clinically meaningful improvement” in slowing a type of breast cancer in study 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 rose 0.60 percent in morning trading on Tuesday