Jefferies said the Delaware Daubert Zantac ruling by Judge Medinilla is the firm’s “worst” case scenario as all the near-75,000 cases can go to District Court, though the firm notes that GSK intends to appeal. The firm argues that a global settlement is unlikely until after the outcome from GSK’s intended appeal to the Delaware Supreme Court, adding that its analysis continues to put GSK’s potential share of the Zantac liability at roughly $2B-$3.5B. The firm maintains a Buy rating on GSK shares.
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