GSK has always refuted claims that its discontinued heartburn drug had cancer-causing risks, arguing that expert testimonies were not reliable. View on euronews

Shares of the UK-based pharma giant GlaxoSmithKline PLC ($GB:GSK) soared over 6% after the company announced a settlement of up to $2.2 billion

GlaxoSmithKline (GSK) saw its shares jump more than 6% after the pharmaceutical giant announced a settlement of up to $2.2 billion (€2.01bn) to resolve tens of thousands of lawsuits in the US related to its discontinued heartburn medication, Zantac.

In fact, the company shares have seen a cumulative rise of 5.39 per cent or GBP 78.50. On Thursday, the green streak continued, and at 9:24 AM (London Time), the company shares jumped to 5.26 per cent or GBP 76.75. This took the overall value of the shares GBP 1,534.75 per piece.

GSK announced Wednesday that it has settled four cases in California that were linked to its now-discontinued heartburn drug Zantac. The company didn't disclose a settlement figure.

GSK topped the Stoxx Europe 600 index after the pharmaceutical company agreed to pay up to $2.2 billion to settle thousands of U.S. lawsuits over claims its discontinued heartburn medicine Zantac caused cancer.

UK-based pharmaceutical giant GSK, or GlaxoSmithKline, has announced that it has agreed to settle nearly 80,000 state-level Zantac cases. The lawsuits claimed that the now-discontinued version of the heartburn drug caused cancer,

By Maggie Fick and Yamini Kalia (Reuters) -GSK shares jumped as much as 6.5% on Thursday after the British drugmaker struck a $2.2 billion settlement over U.S. lawsuits that alleged its discontinued heartburn drug Zantac caused cancer.

GSK has agreed to pay up to $2.2 billion to settle most lawsuits in U.S. state courts claiming that a discontinued version of the heartburn drug Zantac caused cancer, the company announced on Wednesday.

KEY TAKEAWAYS GSK shares in London jumped 5% Thursday after the British pharmaceutical giant said it has resolved most of the U.S. lawsuits it faced around claims that its discontinued heartburn medicine Zantac causes cancer.