Oct 3 (Reuters) – Britain’s AstraZeneca (AZN.L) will pay $425 million to settle a U.S. lawsuit alleging that its heartburn drugs Nexium and Prilosec caused chronic kidney disease. He announced that he would pay.
AstraZeneca did not disclose specific terms of the agreement and said in a statement Tuesday that it continues to believe the allegations are unfounded and does not admit wrongdoing.
In June, GSK (GSK.L) agreed to settle a US lawsuit alleging that its discontinued drug Zantac caused cancer. This is the second pharmaceutical manufacturer.
AstraZeneca said the agreement effectively eliminates all pending claims against it for failing to warn patients about the risks of chronic kidney disease and related issues, except in Louisiana, where a trial is scheduled to begin in April. He said it was resolved.
Plaintiffs’ lawyers, Seeger Weiss LLP and Douglas & London PC, said the settlement resolves litigation against AstraZeneca relating to approximately 11,000 claims.
The FTSE 100 company (.FTSE), whose share price rose nearly 1%, said it had received provisions for the settlement.
Reporting from Bangalore by Eva Matthews and Khushi Mandwala. Editing: Dhanya Ann Thoppil, Alexander Smith
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