(Sharecast News) - GSK updated the market on the litigation regarding the now-discontinued heartburn drug ranitidine, or 'Zantac', on Friday.
The pharmaceuticals giant confirmed it had reached a confidential settlement with James Goetz.
It said the case he filed in the California state court, which was set to begin trial on 24 July, would be dismissed.
"The settlement reflects the Company's desire to avoid distraction related to protracted litigation in this case," the firm said in its statement.
"GSK does not admit any liability in this settlement and will continue to vigorously defend itself based on the facts and the science in all other Zantac cases."
Ranitidine - once seen as a blockbuster drug for GSK - was pulled from shelves globally in late 2019 after the probable carcinogen N-nitrosodimethylamine (NDMA) was discovered in products from a number of manufacturers, resulting in recalls.
At 0811 BST, shares in GSK were up 3.43% at 1,405.65p.
Reporting by Josh White for Sharecast.com.
Glaxosmithkline (GSK)
