Johnson & Johnson shares rise after company proposes baby powder cancer settlement
Publishing timestamp: 2023-04-05 16:14:35
Summary
J&J proposed paying $8.9 billion to settle thousands of claims that its baby powder and other talc products caused cancer. More than 60,000 claimants have committed to support the proposed resolution, which would require approval in bankruptcy court. J&J's stock climbed nearly 4.5% higher on the news. However, there is uncertainty around the final outcome of the proposal, and some analysts are waiting for clarity on how the settlement will tie back to the number of plaintiffs cited in J&J's recent 10-K filing and the pending talc cases.
Sentiment: MIXED
Keywords: health care industry, morgan stanley, business, biotechnology, breaking news: business, business news, biotech and pharmaceuticals, johnson & johnson, breaking news, pharmaceuticals, laws,
Source: https://www.cnbc.com/2023/04/05/johnson-and-johnson-shares-rise-talc-settlement.html