GSK reached a settlement with a man who claimed the drugmaker's blockbuster heartburn medication Zantac caused his cancer, heading off the first such case set to go to trial in the US.
The parties reached a confidential settlement and the case filed in a California state court will be dismissed, the British pharmaceutical giant said in a statement Friday. The company said it isn't admitting any liability in the settlement and will continue to defend itself in all other cases related to the drug. Shares of GSK rose as much as 4.8%.
"This is a positive for GSK shares as it removes any negative headline risk from a potential judgment from a jury this year," wrote Emily Field, an analyst at Barclays.
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