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GSK secures victory in latest Zantac trial: Jury dismisses claims linking drug to cancer

2025-03-23 01:24:39 By

GlaxoSmithKline had been creating a vaccine against respiratory syncytial virus

GSK has emerged victorious in its latest trial concerning allegations that its former top-selling drug caused cancer. The jury ruled on Monday that the drug was not the root cause of an American woman's illness.

Carrie Joiner had claimed in her lawsuit that she developed colorectal cancer from a contaminant known as NDMA found in GSK's heartburn medication Zantac, also referred to as ranitidine.

This ruling is the most recent development in a series of litigations that the London-listed pharmaceutical giant has faced over whether or not Zantac once the world's best-selling drug and the first to gross $1bn (£800m) in annual sales was carcinogenic.

In 2020, the US Food and Drug Administration (FDA) requested drug manufacturers to withdraw the pill from the market due to concerns that ranitidine could degrade into a cancer-causing chemical when exposed to heat.

Since then, the British drugmaker has been hit with a slew of lawsuits, including one which it settled in a Chicago court just a week ago, and another versus Boyd/ Steenvoord which it settled in February, as reported by City AM.

Analysts have projected that GSK's total liability for the lawsuits could surpass $5bn (£3.9bn).

The Joiner ruling breaks a pattern of the company settling with claimants, thousands of whom have filed lawsuits with GSK, or other pharmaceutical firms who distributed the drug, including Pfizer and Sanofi.

GSK commented on the verdict, stating: "This outcome is consistent with the scientific consensus that there is no consistent or reliable evidence that ranitidine increases the risk of any cancer, supported by 16 epidemiological studies looking at human data regarding the use of ranitidine. GSK will continue to vigorously defend itself against all other claims."

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Somerset manufacturer sees profits soar in first half

Somerset industrial manufacturer Rotork has reported a "strong" first-half performance on the back of improved sales. The Bath-based company posted operating profit of £66.9m - up 12.5% from £59.4m over the same period in 2023. Meanwhile revenues rose 8% to £361.4m. Rotork designs and manufactures electric, pneumatic and hydraulic valve actuators and gearboxes. The firm said its growth strategy was "delivering" with oil and gas, and water and power sales "well ahead" for the year. Rotork added that chemical, process and industrial sales were lower as a result of reduced activity in the mining sector. Orders received were 4% above sales and marginally ahead year-on-year OCC despite the prior period including an unusually high number of large orders. Kiet Huynh, chief executive, said: “I am pleased with our strong first half performance which saw sales up double digits year-on-year... Orders grew marginally year-on-year on an OCC basis, against a strong comparison which benefitted from higher levels of large project activity. “The benefits of the Target Segment approach under Growth+ are increasingly apparent. Target Segment sales, which represent around half of group revenue, are growing strongly, particularly in water infrastructure, desalination, chemicals and up- and mid-stream oil and gas electrification. Rotork Site Services is also growing strongly. “The outlook for our end markets remains positive, order intake was encouraging in June and July and our order book gives us good visibility."

Aston Martin secures £135 million in new funding to boost production capabilities

Aston Martin has secured £135m through a debt placement as it prepares to bolster its balance sheet ahead of an anticipated production increase later this year. The luxury car manufacturer announced that it had raised approximately $90m (£70.7m) by issuing 10 per cent senior secured notes, and an additional £65m through 10.4 per cent senior secured notes, set to mature in 2029. The net proceeds from the offering are projected to be utilised by Aston Martin to repay borrowings under its existing super senior revolving credit facility. The automaker has been grappling with a growing debt pile since its listing in 2018. Billionaire chair Lawrence Stroll has previously sought additional funds from the firm's backers, which include Chinese carmaker Geely. In March, Aston Martin - which is based in Gaydon, Warwickshire, with a manufacturing plant in St Athan, South Wales - successfully carried out a £1.15bn refinancing operation in an effort to secure its position, as reported by City AM. This comes as losses expanded over the first half, preceding the eagerly awaited launch of several models in the latter half of the year. Doug Lafferty, Aston Martin Chief Financial Officer, said in a statement: "Last week at our first half 2024 results we highlighted the positive progress made by Aston Martin so far this year as we continue to execute our immense product transformation, which will support volume growth and sustainable positive free cash flow generation later this year,". He further stated: "Following positive feedback after the results from the capital markets with encouraging demand from the Company's existing bond holders, we are pleased to announce today that we have successfully priced a £135m equivalent private placement." "These new senior secured notes, along with the refinancing completed in March 2024, provide Aston Martin with additional liquidity as we continue an exciting second half of the year."

Development Bank of Wales in profitable exit from electronics firm Camtronics

The Development Bank of Wales has profitably exited its minority equity investment in Tredegar-based contract electronics Camtronics. The Welsh Government-owned development bank provided an equity injection of £450,000 from its Wales Management Succession Fund to enable managing director Paul Macleur to led a management buy-out (MBO) from Photonstar LED Group plc in January 2018. The MBO team also consisted of Chris Gulliford and Linda Sterry. Since then the firm’s turnover has doubled to £4m, backed with the strategic support of non-executive director Mark Pulman He was introduced to Camtronics by the Development Bank and remains with the business. Read More:The latest equity deals in Wales Read More: Big rise in the value of Welsh equity deals The development bank said it was unable to confirm the exact level of what was a profitable return on its investment. Its equity stake has been acquired by the business. Based on Tredegar Business Park, Camtronics offers a range of electronics manufacturing services and now employs 38. Services include surface mount (SMT) assembly, automatic optical inspection (AOI), through-hole assembly, box build, programming and testing. The company was first established in 1993 as Novaspec, before being acquired by PhotonStar in 2011. Mr Macleur said: “As we embark on the next stage of our growth, the time was right to reflect on how the support of the development bank has enabled us to build a strong foundation for the future. We have enjoyed the benefit of having an excellent working relationship with the team who have stood by us throughout, offering guidance and significant support in addition to funding. Together with Mark, they have helped with our strategic planning and long-term value creation which means that we are now in a position to buy them out. As the sole owners of the business, we are now well-placed to move forward and continue to grow our industry-leading services.” Leanna Davies, portfolio development manager with the development bank, said:“With the support of Mark, Paul and the team have worked hard to create real value by diversifying and growing Camtronics as a leading electronics manufacturer. It is an excellent example of how our funds can be used to deliver long-term sustainable growth and our return will be recycled for the benefit of new customers.”

Plans for £40m Perspex International plant that could secure hundreds of jobs take key step forward

Plans for a £40m hi-tech eco-friendly production plant and research centre that could secure hundreds of jobs have taken a major step forward. Perspex International has submitted a planning application for the manufacturing and development hub at Chapels Park, Darwen. It is the latest investment in eco-friendly technology by the firm’s Swiss owners which it hopes will secure more than 200 jobs and could eventually help it to create new ones. In September 2022 the company put 74 jobs at risk, warning high energy prices had impacted the manufacture of cast acrylic sheet. But the firm, which historically has had two production sites in Darwen and a distribution centre in Blackburn’s Walker Park, is now planning to centralise manufacturing at Chapels Park. The latest application is for a 1,240 square metre complex at the site accessed off Goose House Lane. The full manufacturing side of the businesses has already moved there and, as part of the centralisation, the Orchard Mill site on the A666 would be sold for re-development The investment is supported by the government and council’s £100m Darwen Town Deal. The firm’s operations director, Bryan Welch, said: “Perspex International has a long and rich history in Darwen – one that we want to build upon and continue to develop. “Perspex first came to the town during the Second World War as it was seen as a safe place for the plant which was manufacturing Spitfire canopies. “Perspex acrylic has been a leading brand in plastic since the 1930s and Darwen is the only production site for Perspex across the whole of the UK. “This major new investment demonstrates our commitment to the town, it will allow us to modernise and streamline the way we work and allow us to become much greener – reducing CO2 emissions and water consumption, something we are passionate about.” Chair of the Town Deal Board Wayne Wild said: “Perspex International has strong historical ties to the town, being a major employer here for decades. “The Town Deal Board was keen to support the planned new investment to help safeguard jobs and create new opportunities and it’s a fantastic step forward to see this planning application submitted today.” Cllr Phil Riley, leader of Blackburn with Darwen Council, said: “We took the £25m of government Town Deal funding and we’ve worked incredibly hard to leverage major investment for the town, including these impressive proposals for the future of Perspex International. “In total, we’re looking at more than £100m of new investment for the town – that’s more than any of us have seen in our lifetimes.”

Rolls-Royce supplier workers to strike over 'unacceptable' pay offer

Unite has confirmed impending strike action at SPS Technologies in Leicester, with almost 200 workers set to walk out over what has been termed an "unacceptable" pay offer. These employees supply prominent clients like Airbus, Rolls-Royce, and BAE Systems. A member of the Precision Castparts Corp, owned by Warren Buffett's Berkshire Hathaway, SPS Technologies will see its workforce begin their industrial action later this month. The decision to strike was made after shopfloor staff, responsible for high-specification components such as nuts, bolts, and screws for the aerospace and defence sectors, turned down a proposed deal offering a 7% pay rise over two years along with a £400 lump sum payment. According to Unite, several of these workers earn the minimum wage and are pushing for a substantial salary hike. Sharon Graham, Unite's general secretary said:, as reported by City AM. "Low paid SPS workers have suffered years of below inflation pay rises and they have had enough." "SPS is part of an unimaginably wealthy corporate empire and can absolutely afford to put forward a fair pay rise." "Unite SPS members' have their union total support in taking strike action." Scheduled for August 21, the strike at the Barkby Road site is likely to affect supply lines of major clients, including Airbus, Rolls-Royce, Avio Aero, Leonardo, GKN, and BAE Systems, per Unite. Lee Purslow, Unite regional officer, commented: "SPS' clients will not be happy that their supply chains are facing disruption because the company is refusing to pay its workers properly." "Industrial action could still be avoided, but SPS must put forward an offer that is acceptable to our members." According to its latest accounts for 2022, SPS Technologies reported a turnover of £38.8m in the year to January 1, 2023, a significant increase from £24.1m previously. The company also reduced its pre-tax loss from £23.7m to £6.9m during this timeframe.

Subaru UK sees 40% sales surge but profits dip amid supply challenges

Sales at Subaru UK, the importer of Subaru cars in the country, have soared by over 40% during its latest financial year, despite a supply and demand imbalance. The Solihull-based company has disclosed a turnover of £75.9m for 2023 in its latest accounts filed with Companies House, marking a significant increase from the £48m recorded in the previous 12 months. However, despite this surge in sales, the firm saw its pre-tax profit drop from £3.9m to £1.3m over the same period, as reported by City AM. A board-approved statement read: "The directors were satisfied with the company's progress and performance during the year." It continued: "The current year's result was positive, albeit the company's volumes were restricted by worldwide demand for passenger cars outstripping supply, particularly impacting the first half of 2023." The statement also highlighted that "The company's working capital saw a move to normalised stock levels and vehicle margins were strengthened as a result of the pound's strength against Japanese Yen." Looking ahead, the directors are upbeat about 2024, noting: "Subaru UK has refined its dedicated internal management structure which is positive for the brand and the relationships with the manufacturer." Moreover, the company reported: "Franchising activity and interest from potential franchisees remains positive." The statement concluded with an optimistic outlook: "The directors remain positive about the future of the brand and achievement of 2024 budgets." "The directors are focused on developing the UK network and ensuring it has a sustainable future." "2024 sees investment of margin in dealer incentives and brand marketing. The board is committed to the brand and looks to adapt to new product and future growth." Subaru UK, which falls under the umbrella of International Motorsalso known for importing car brands such as Mitsubishi Motors and Isuzuhas reported its latest financial outcomes. In the corresponding financial period, International Motors achieved a turnover climb to £20m from £10.5m, whilst witnessing its pre-tax profit soar from £34.6m to £43m.

Ringtons acquires new industrial unit in most significant investment 'in recent years'

Historic Newcastle tea company Ringtons has acquired a huge industrial unit in its most significant investment in years. The tea merchants import and package tea for major supermarkets, alongside its own brand of coffees, teas and sweet treats, which are sold online, in stores and through its traditional doorstep delivery service. The 117-year-old company employs more than 560 people across its Byker head office, Balliol Business Park factory, delivery service and a number of smaller business functions across the region. Now, however, several business streams are set to be brought under one roof after the company added the former Royal Mail depot in North Tyneside to its portfolio. Director Colin Smith – one of three fourth-generation family members on the Ringtons board alongside his brothers Simon and Nigel – said the investment marks a significant move. Read more: Developers to transform Gateshead Old Town Hall into new homes Read more: Newcastle's tallest building Hadrian's Tower put up for sale with £14.6m price tag He said: “It is the most significant investment we have made in recent years, certainly.” Ringtons’ factory at Balliol Business Park is based three units down from its new acquisition, and Mr Smith said the company had been looking to expand its operations there for some time. The business was rapidly running out of space at its existing site when Buccleuch Property put the huge 40,000 sqft industrial unit on the market, through property agents Naylors Gavin Black and Avison Young, after carrying out a £500,000 refurbishment to draw in new tenants. Mr Smith said the new building brings Ringtons a number of benefits. He said: “When the Royal Mail opportunity came up we had a close look at it and decided that we could consolidate a number of operations into it, which would mean that the expansion at the factory would be negated, and far less complex. First of all, it will act as a distribution and service centre for our hospitality business. That is currently in a leased building in east Newcastle, which is due to expire. So we can bring that into our own estate. “Secondly, we can relocate our fruit and herb processing and storage facility into the new building, which is currently in a leased building at Tyne Tunnel Estate. Then we’ve got a significant amount of goods, mainly raw materials, in outside storage. We will bring some of that in-house. “And then we will relocate the main administration functions from the current factory into the new building. That will allow us to do a more controlled expansion of the factory.” Around 50 members of staff will eventually be based within the new site. The changes won’t all happen immediately, however, but will be carried out in a number of phases over the next three years, starting with the imminent relocation of the hospitality business and the fruit and herb operations, once their current leases expire.

Robotics firm Tharsus sees turnover drop after Ocado partnership ends

Robotics firm Tharsus says it is bringing in new customers after turnover dropped by 34% following the end of its contract with grocery retailer Ocado. The Blyth manufacturer had been working with Ocado in its warehouse automation project for 10 years, during which time it manufactured thousands of robots to pick groceries for delivery. Accounts published by the company for 2023, which encompass Tharsus and Universal Wolf, show that the manufacturing partnership has now come to an end, and the reduction in demand contributed to the fall in group turnover from £77.3m to £50.8m. Total cost of sales in the year were £40m, down from £67m, and underlying operating profit was halved from £2.3m to £1.1m. Despite the reduction in revenue, Tharsus Group reported an underlying Ebitda profit of £1.7m, down from £2.9m. In anticipation of the end of the core contracts, Tharsus carried out a five-year strategic review in 2022, with its plan involving transforming to a more diversified portfolio of customers in targeted growing market sectors, while also developing its own products. Read more: Fairstone announces two acquisitions and launch of new Hampshire hub Go here for more North East business news The firm restructured – resulting in one-off costs of £700,000 – which it said has significantly reduced the cost base. The average headcount also dropped from 372 to 297. In the accounts, director and founder Brian Palmer said: “Tharsus has been a long-term partner of Ocado Group Plc manufacturing over 10,000 robots during the commercial partnership. During the year Tharsus’ contract to manufacture these robots for Ocado came to an end and this resulted in the manufacturing volume of these robots reducing to nil by the year end. The company continues to provide spares and other ancillary services to Ocado. “Tharsus has updated the business strategy and is targeting sales growth from market sectors which are considered to be a good fit for our capabilities and which have a strong potential for profitable growth. This has started to bring in new revenue as new customers have been introduced in the year although the flat economic landscape and increased cost of capital have slowed down the anticipated development of new products by potential customers.” Following publication of the accounts, Mr Palmer expanded upon the group’s new targets. He said: “During 2023, the capital goods and technology manufacturing sectors faced challenges from a high level of cost inflation for the second consecutive year. High interest rates and tightened capital markets meant that many of our customers experienced lower sales demand. These challenges affected the group’s own internal costs and sales demand. “In response to these challenges, the group has redirected its efforts toward driving profitable growth in target market sectors including security, electrification and energy, and logistics automation. These are areas well-suited to Tharsus Group’s expertise and with potential for long-term, profitable growth. “The group also continued to invest in the development of VersaTile technology, a revolutionary new logistics automation product platform. VersaTile is shortly to spin-out as an independent venture, ready to enter the logistics automation product market by providing innovative AI-driven modular automation systems with the ability to transform supply chain efficiencies. “Overall, 2023 marked a year of transformation and adaptation for Tharsus Group. Amidst ongoing external economic market challenges, the group focused on operational resilience, sustainability, and innovation. I am pleased that the Tharsus and Universal Wolf businesses have been resilient through tough external economic conditions that have impacted our customers and our group. We have managed our costs effectively and have maintained a strong balance sheet.

Ticketing machine specialist Cammax snapped up by Canadian group Modaxo

Touch screen ticketing machine maker Cammax has been acquired by Canadian transport tech group Modaxo. The Castleford-based manufacturer of self service machines - typically used in car parks, public transport stations and by the NHS - has become part of the acquisitive Ontario-based group which owns a range of transport software companies internationally. Details of the deal, including its value, have not been made public. Modaxo bosses said Cammax, which employs about 40 people, has developed a strong reputation for customisable, user-friendly software for transport and parking operators in the UK. Its customers include Bristol City Council, West Midlands Combined Authority and Parking Eye, among others. Read more: Zoo Digital loses more than half its revenues amid Hollywood strikes Read more: Humber Freeport helps to secure £250m investment by Mitsubishi Chemical Group The Canadian buyer, which is said to boast more than $4bn (£3bn) of consolidated revenues and a combined workforce of 25,000, said Cammax will maintain its brand and autonomy but benefit from group investment and support. Julian Rooney will continues to lead the business with the existing management team. Mr Rooney, managing director at Cammax, said: “Joining the Modaxo family is an exciting milestone for Cammax. We share a common vision of transforming the transportation and parking experience through technology. Now with Modaxo we feel we can deliver even more value to our customers and drive the industry forward.” Laurent Eskenazi, head of EMEA, UK, and Asia at Modaxo, said: "We are delighted to welcome Cammax and its employees and customers to the Modaxo family. Cammax’s impressive track record in simplifying travel and parking payments aligns with our vision of creating seamless mobility experiences for all."

Hill and Smith shares tumble after UK business weighs on bottom line

Shares in infrastructure supplier Hill and Smith took a hit this morning as the company highlighted difficulties within its UK business. Despite a 10 per cent increase in pre-tax profit to £63.2m for the six months ending in June, and a slight 0.4 per cent rise in revenue to £422.7m, the London-listed firm noted its UK segment had experienced a "more challenging market backdrop, with reduced demand across certain public sector customers." "The second half outlook for our UK businesses is likely to remain challenging given budgetary pressures in the public sector, however we are cautiously optimistic for some level of recovery in 2025," it added. Shares dropped by over seven per cent in early trading. CEO Alan Giddins commented on the company's "good first half performance, underpinned by continuing strong demand for our products and services in the US and the strong performance from our most recent acquisitions. We expect this momentum to continue into the second half in line with our recently upgraded expectations." "In the medium to longer term, the group is well positioned in infrastructure markets with attractive structural growth drivers." During the half-year period, the company completed three new acquisitions, including a £10m takeover of Trident Industries, totalling £22.3m, as reported by City AM. Giddins noted: "This strong position, together with our ability to use M and A to access new customers, markets and adjacent technologies, and the benefits of our agile operating model, underpins our confidence in the group's positive trading outlook." The dividends per share experienced a 10 per cent increase to 16.5p.