05:42 AM EDT, 05/16/2024 (MT Newswires) -- Pfizer ( PFE ) has agreed to pay as much as $250 million to settle claims related to heartburn medication Zantac, the Financial Times reported Thursday, citing people familiar with the matter.

The drug was discontinued after the discovery of high levels of a probable carcinogen in its active ingredient. Pfizer ( PFE ) has claimed that Zantac products "did not cause cancer when used as directed," according to the report.

The company was set to pay plaintiffs between $200 million and $250 million to resolve lawsuits over the alleged cancer risks, sources told the Financial Times.

Pfizer ( PFE ) did not immediately reply to MT Newswires' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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