GlaxoSmithKline surges 5% on Zantac settlement deal in the US

Shares of British pharmaceutical giant, GlaxoSmithKline (GSK.US) more than 5% today amid $2.2 billion settlement deal in US Zantac lawsuits, caused by 'cancer-casuing' concerns. The deal will resolve 93% (almost 80,000) of US lawsuits. The company will recognize this loss in Q3 results, this year. All the settlements are expected to be implemented by the end of the first half of 2025. GSK confirmed also another $70 million paid to resolve the Zantac so-called qui tam complaint previously filed by Valisure. This agreement is pending final approval from the Department of Justice. Investors positively react to this news, improving 'uncertainty' about Zantac case.

Source: xStation5