Shares of GSK plc surged by more than 6% on Thursday following the statement by the pharmaceutical company that it reached settlement agreements with ten plaintiff firms, which comprise 93% or 80,000 of the state court product liability cases against GSK in the United States regarding its discontinued drug Zantac.
According to the agreements, GSK will resolve all US state court cases with an aggregate payment of up to $2.2 billion. GSK also revealed that it will pay $70 million in an agreement to resolve the Zantac complaint filed by Valisure. The British pharmaceutical company has not admitted any liability in either agreement.
GSK's stock increased by 6.17% and sold for £15.44 at 9:40 am CET.
