11:40 AM EDT, 04/22/2024 (MT Newswires) -- Sanofi ( SNY ) will pay more than $100 million to settle around 4,000 lawsuits alleging that the company failed to warn Zantac users that the heartburn drug could cause cancer, Bloomberg reported Monday, quoting unnamed sources with knowledge of the matter.

Under the settlement, former Zantac users will get an average of at least $25,000 per claim, the report said, adding the settlement was disclosed earlier this month, but the amount wasn't provided at the time.

The settlement mainly covers state court cases outside Delaware, the report said. In Delaware, a judge is still deciding whether to allow the scientific evidence behind over 70,000 lawsuits, Bloomberg reported.

A Sanofi ( SNY ) spokesperson told MT Newswires that the company won't comment on "speculation and rumors" about the settlement amount and also denied that Zantac causes cancer as alleged in the suits.

"The financial terms of Sanofi's ( SNY ) agreement are confidential," the Sanofi ( SNY ) spokesperson said.

"Sanofi ( SNY ) is settling these cases, not because we believe the claims have any merit, but rather to avoid the expense and ongoing distraction of the litigation. No concessions of liability have been made," said the spokesperson.

The company's shares were rising 1.2% in recent trading.

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