GSK PLC (LSE:GSK, NYSE:GSK) said it has reached a confidential settlement with Ronald Kimbrow resolving the case he filed in Illinois state court, which is part of the drug giant's long-running Zantac litigation.
The UK pharma giant stressed it did not admit any liability in this settlement. The case will now be dismissed.
GSK, which developed Zantac is one of three international drug groups being sued for compensation in class action lawsuits that allege the blockbuster heartburn treatment is linked to cancer.
In the update, the GSK pointed out that, following 16 epidemiological studies looking at human data regarding the use of the heartburn treatment, (also known as ranitidine), the scientific consensus is that there is no consistent or reliable evidence that ranitidine increases the risk of any cancer.
"GSK will continue to vigorously defend itself and manage this litigation in the best interests of the company and shareholders," investors were told.
The case took an unexpected turn in June when a Delaware judge ruled certain scientific evidence could be heard in a case brought by 72,000 people with cancer.
It wiped billions off the values of GSK, Boehringer Ingelheim and Sanofi, who also marketed the drug.
In early trading, GSK shares were up around 1%.