GSK, Sanofi and Haleon slump on worries over Zantac litigation

European-listed shares of drugmakers Haleon
HLN,
-7.69%,
GSK
GSK,
-8.39%
and Sanofi
SAN,
-8.92%
plunged on Thursday on worries over the Zantac heartburn medication litigation. The first trial is set to begin on Aug. 22. GSK shares dropped 10% in London, as Sanofi and Haleon also dropped sharply. Analysts at Deutsche Bank said they don’t expect another glyphosate, but “it is very possible we may see a liability of some billions of dollar magnitude incurred.” Analysts at Credit Suisse note Haleon’s prospectus says indemnification “may” include liabilities from Zantac.