UK-based pharmaceutical giant GSK, or GlaxoSmithKline, has announced that it has agreed to settle nearly 80,000 state-level Zantac cases. The lawsuits claimed that the now-discontinued version of the heartburn drug caused cancer,

GSK Plc shares surged after the UK pharma company agreed to pay as much as $2.2 billion to resolve about 80,000 US court cases alleging that its old reflux medication Zantac was contaminated with a suspected carcinogen.

GSK shares in London jumped 5% Thursday after the British drug giant said it has resolved most of the U.S. lawsuits it faced around claims that its discontinued heartburn medicine Zantac causes cancer.

GSK has agreed to pay $2.2 billion to settle most of the pending lawsuits that claimed a discontinued version of the Zantac heartburn medication caused cancer.

GSK said it expects to take a charge of £1.8 billion ($2.3 billion) in its third-quarter results in relation to the settlements, which will be funded through "existing resources," and said there will be "no changes to GSK's growth agenda or investment plans for R&D as a result."

Under the agreement, whose terms are confidential, GSK will make an "aggregate payment of up to $2.2 billion" to resolve these cases, the statement added.

GSK has agreed to pay up to $2.2 billion to settle most lawsuits in US state courts claiming that a discontinued version of the heartburn drug Zantac caused cancer, the company announced on Wednesday.

GSK has agreed to pay up to $2.2 billion to settle most pending U.S. state court lawsuits claiming that a discontinued version of the heartburn drug Zantac caused cancer, the company announced on Wednesday.

UK pharmaceutical giant GSK says it will pay as much as $2.2bn (£1.68bn) to settle thousands of cases in US courts over claims that a discontinued version of its heartburn drug Zantac caused cancer. The firm announced that it has reached agreements with 10 law firms who represent around 80,