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Sanofi, GSK Sink as Zantac Legal Worries Wipe Out $40 Billion

  • Sanofi has lost about 20% in two days on litigation worries
  • Deutsche Bank sees upcoming trials as short-term headwinds
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Sanofi, GSK Plc and Haleon Plc have lost a combined $40 billion in market value since Tuesday’s close amid mounting concerns about litigation around the recalled heartburn drug Zantac.

Sanofi fell as much as 13% on Thursday in trading volumes nearly 10 times the average, taking its two-day decline to 20%, the steepest drop ever over that timeframe. GSK slid as much as 12% in London, while its recent spinoff Haleon slumped 13%. GSK shares were at one point showing their worst one-day retreat since February 1998, before paring losses.