GSK Shares Plunge 9% as Delaware Court Allows 70,000 Zantac Lawsuits

GSK shares plummeted over 9% after a Delaware judge allowed more than 70,000 lawsuits alleging that the discontinued heartburn drug Zantac caused cancer to proceed. The ruling, which GSK plans to appeal, has significantly impacted the company's market value, wiping out nearly 7 billion pounds. Analysts predict the potential liability could exceed initial market assumptions of $2 billion to $3 billion. The decision follows a recent jury verdict in Chicago that favored GSK, rejecting claims that Zantac caused colon cancer.