AstraZeneca has entered into settlement agreements in the product liability litigations related to Nexium and Prilosec. 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. The specific terms of the agreements are confidential.
AstraZeneca continues to believe these claims are without merit and admits no wrongdoing in the settlement agreement. 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.
A single case remains pending in the US District Court for the Middle District of Louisiana. Trial is scheduled in that case for April 15, 2024.
Financial considerations
AstraZeneca will make payment of $425 million, for which a provision has been taken.
Notes
Nexium and Prilosec
Nexium and Prilosec are prescription only drugs used to treat patients with acid-related symptoms and diseases. Nexium and Prilosec can provide relief for a range of patients, including those who are frustrated by the disruption that the condition causes to their life. Nexium and Prilosec work by binding to and inhibiting the acid pumps of a particular type of cells in the lining the stomach wall to stop the production of stomach acid. In doing so, it lowers the level of acidity in the stomach and helps to heal erosions in the esophagus or ulcers in the stomach and duodenum. Both Nexium and Prilosec are available via prescription to treat these diagnosable conditions and over-the-counter in lower dosages to treat heartburn.
AstraZeneca
AstraZeneca (LSE/STO/Nasdaq: AZN) is a global, science-led biopharmaceutical company that focuses on the discovery, development, and commercialisation of prescription medicines in Oncology, Rare Diseases, and BioPharmaceuticals, including Cardiovascular, Renal & Metabolism, and Respiratory & Immunology. Based in Cambridge, UK, AstraZeneca operates in over 100 countries and its innovative medicines are used by millions of patients worldwide. Please visit astrazeneca.com and follow the Company on social media @AstraZeneca
