AstraZeneca Settles Nexium, Prilosec Product Liability Litigations; To Pay $425 Mln

(RTTNews) - British drug major AstraZeneca Plc (AZN.L, AZN) announced Tuesday that it has entered into settlement agreements in the product liability litigations related to Nexium and Prilosec. The specific terms of the agreements are confidential.

AstraZeneca agreed to make payment of $425 million, for which a provision has been taken.

Nexium and Prilosec are prescription only drugs used to treat patients with acid-related symptoms and diseases.

The company noted that the agreements effectively resolve the product liability claims that are currently pending in the Multidistrict Litigation in the US District Court for the District of New Jersey, as well as in the Delaware Superior Court and the New Jersey Superior Court.

AstraZeneca said it continues to believe these claims are without merit and admits no wrongdoing in the settlement agreement, but the settlements are reached to avoid continued costly litigation.

The company noted that the settlements allow it to move forward with its purpose of delivering life changing medicines.

A single case remains pending in the US District Court for the Middle District of Louisiana. In that case, trial is scheduled for April 15, 2024.

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