GSK Reaches Confidential Settlement Over Zantac Litigation

(RTTNews) - Pharmaceutical and consumer healthcare major GSK plc (GSK.L, GSK) said Friday that it has reached a confidential settlement with California resident James Goetz. Goetz had claimed that GSK's heartburn drug Zantac caused cancer.

The company said the case Goetz filed in California state court, set to begin trial on July 24, will be dismissed.

The company wants to avoid the distraction of a protracted litigation and the settlement reflects that.

"GSK has not admitted to any liability in the settlement and will defend itself in the future based on scientific facts in all other Zantac cases.", the company said in a statement.

On Wednesday, the shares of GSK closed at $34.68 down 1.34% or $0.47 on the New York Stock Exchange.