GSK agreed to pay more than $2 billion to settle almost all remaining liability cases in the U.S. over allegations its discontinued heartburn medicine Zantac causes cancer.

The settlement, which is at the low end of Jefferies analysts’ $2 billion to $3.5 billion estimate, will resolve 93% of the product liability cases regarding allegations that GSK’s heartburn drug could cause 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 topped the Stoxx Europe 600 index after the pharmaceutical company agreed to pay up to $2.2 billion to settle thousands of U.S. lawsuits over claims its discontinued heartburn medicine Zantac caused cancer.

By Maggie Fick and Yamini Kalia (Reuters) -GSK shares jumped as much as 6.5% on Thursday after the British drugmaker struck a $2.2 billion settlement over U.S. lawsuits that alleged its discontinued heartburn drug Zantac caused cancer.

The British drugmaker reached a $2.2 billion settlement to resolve around 80,000 lawsuits over claims its Zantac heartburn remedy causes cancer

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,

Shares of GSK rose as much as 6.5% on Thursday after the British drugmaker agreed to pay up to $2.2 billion to settle lawsuits in the United States that claimed its discontinued heartburn drug Zantac caused cancer.