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

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,

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.

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 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.

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

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.