AstraZeneca PLC (LSE:AZN), the FTSE 100's largest constituent, surged 1.8% today after it said it would be withdrawing its COVID vaccine from global markets.
AZ said the decision was because there is a "surplus of available updated vaccines", having admitted months ago that its version can cause a rare and dangerous side effect.
A legal document submitted to London’s High Court in February said the vaccine, developed alongside Oxford University, “can, in very rare cases, cause TTS”.
This stands for Thrombosis with Thrombocytopenia Syndrome, a condition which causes blood clots and low blood platelet count.
AstraZeneca’s acknowledgement of the link comes as the pharmaceutical giant faces a class action lawsuit claiming its vaccine caused death and serious injuries to dozens.
Some 51 such cases have been cited in the High Court case, with The Telegraph reporting damages worth up to £100 million are being sought.
Such damages would be paid by the government if ordered by the court, following a deal made with AstraZeneca during the pandemic aimed at rapidly rolling out the vaccine.