Lawsuits Push J&J To Switch Baby Powder To Cornstarch Globally
The manufacturer has been facing years of lawsuits alleging it hid cancer risks from the ingredients it used in baby powder. Bloomberg reports that the lawyer who oversaw payments to 9/11 victims has been chosen to estimate how much the claims might cost J&J.
Bloomberg:
Johnson & Johnson Drops Talcum Powder Globally As Lawsuits Mount
J&J said Thursday that it had made the “commercial decision” to transition all its baby powder products to use cornstarch instead of talcum powder after conducting an assessment of its portfolio. The health conglomerate, which maintains the product is safe, has for almost a decade faced lawsuits accusing it of hiding cancer risks tied its talc-based baby powder. (Griffin and Feeley, 8/11)
In case you missed it —
Bloomberg:
Director Of 9/11 Fund Picked To Estimate Cost Of J&J Talc Claims
The lawyer who oversaw payments to victims of the Sept. 11 terrorist attacks will be appointed by a federal judge to estimate the total liability that Johnson & Johnson faces for claims that talc in its baby powder causes cancer. Kenneth R. Feinberg would oversee one of the most contentious parts of J&J’s effort to force a negotiated end to more than 38,000 lawsuits that accuse the health care giant of causing cancer. The high-profile mediator will be asked to estimate how many people have legitimate claims against J&J and how much money it may cost to compensate them. (Church, 7/28)
In other developments in the pharmaceutical industry —
Stat:
Novartis Reports Two Children Died From Acute Liver Failure After Treatment With Zolgensma Gene Therapy
Two children have died from acute liver failure after being administered Zolgensma, a pricey gene therapy sold by Novartis to treat a rare disease. (Silverman, 8/11)
Stat:
Wyden Wants Details On Amgen's U.S. Taxes As Part Of Expanding Probe Into Pharma Practices
The head of the U.S. Senate Finance Committee is seeking details from Amgen about the taxes paid during a recent four-year period as part of an ongoing investigation into tax practices by multinational pharmaceutical companies and efforts made to avoid paying U.S. taxes. (Silverman, 8/11)
MarketWatch:
GSK Defends Zantac Ahead Of Trials That Have Cratered The Stock
GSK on Friday put out a statement saying there’s no link between a withdrawn heartburn medication and cancer, helping to stem a slide in its stock that has wiped out billions of dollars in valuation from leading drugmakers. (Goldstein, 8/12)
