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,

The settlement, announced on Wednesday, resolves 93% of all Zantac cases in state courts against GlaxoSmithKline.

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

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.

Shares of GSK rose as much as 6.5% on Thursday after the British drugmaker agreed to pay up to $2.2 billion to settle lawsuits in the United States that claimed its discontinued heartburn drug Zantac caused cancer.

The British drugmaker reached a $2.2 billion settlement to resolve around 80,000 lawsuits over claims its Zantac heartburn remedy causes cancer

GSK Plc shares surged after the UK pharma company agreed to pay as much as $2.2 billion to resolve about 80,000 US court cases alleging that its old reflux medication Zantac was contaminated with a suspected carcinogen.

(Reuters) -Shares of GSK rose 6% on Thursday after the British drugmaker agreed to pay up to $2.2 billion to settle lawsuits in the United States that claimed its discontinued heartburn drug Zantac caused cancer.

GSK, which developed and sold versions of the now-discontinued blockbuster heartburn drug, agreed to pay up to $2.2 billion.