GSK plc (NYSE: GSK), a British drugmaker, has agreed to settle a lawsuit in the United States regarding its discontinued heartburn drug, Zantac. The company announced the settlement on Friday, avoiding the first trial set to take place next month.
Following the news, GSK shares jumped 5.33% to $36.53 in the pre-market trading Friday. This surge positions GSK as the top performer on London’s blue-chip FTSE 100 index and marks its best day this year.
The settlement revolves around a Californian resident named James Goetz, who claimed to have developed bladder cancer as a result of consuming Zantac. The terms of the settlement remain confidential.
GSK stated that the settlement was reached to avoid the distractions of prolonged litigation in this particular case. It is important to note that GSK did not admit any liability and remains committed to vigorously defending itself against any other Zantac-related cases.
Maria Reed is a financial journalist with a passion for covering US equities. She joined the ABBO News team in June 2023. Maria holds an M.S. degree in International Economics and Finance from Otto-von-Guericke University in Magdeburg and is a CFA Level 2 candidate.
