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 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.

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,

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.

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

GSK shares will be in focus today after it agreed a $2.2 billion settlement to resolve about 80,000 or 93% of court cases involving heartburn drug Zantac. The wider FTSE 100 index is seen about 17 points higher at 8261,

Shares of GSK are seen rising 5% according to pre-market indications on Thursday after the British drugmaker agreed to pay up to $2.2 billion to settle lawsuits that claimed its discontinued heartburn drug Zantac caused cancer.

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