Sanofi and GSK Lead $30 Billion Rout as Zantac Worries Mount

Sanofi and GSK Lead $30 Billion Rout as Zantac Worries Mount

(Bloomberg) — Sanofi, GSK Plc and Haleon Plc extended their declines and have lost a combined $40 billion in market value since Tuesday’s close amid mounting concerns about litigations around recalled heartburn drug Zantac.Sanofi fell about 13% on Thursday, taking its two-day decline to 20%, the steepest drop ever over that timeframe. GSK slid 6.9% in London, while its recent spinoff Haleon slumped 12%, taking its drop since Tuesday to 19%.GSK declined to comment on stock moves and ongoing lawsuits around Zantac, while Haleon said it’s not a party of the litigation proceedings and that it has never marketed the drug in any form in the US, either as Haleon or as GSK Consumer Healthcare.