GSK PLC (LSE:GSK, NYSE:GSK) has confidentially settled a lawsuit in California that claimed its now-discontinued heartburn medication, Zantac, caused cancer.
This agreement, ahead of a trial scheduled for April 2, is one of a series as the UK drugs giant attempts to head off expensive and time-consuming litigation. However, GSK still faces thousands more lawsuits in California and Delaware.
In 2020, the US regulator put a block on Zantac and all copycat products, prompting the deluge of suits GSK has been faced with.
Predicted losses associated with the issue are put at around $5 billion by analysts.
In early trading, GSK shares were up 1%.