GSK Confirms Confidential Settlement With Boyd/Steenvoord

(RTTNews) - Consumer goods and pharma major GSK plc (GSK) on Thursday confirmed that it has reached a confidential settlement with Boyd/Steenvoord resolving the case that was filed in the California state court.

The trial that was set to begin on April 2 will be dismissed.

Zantac (ranitidine) is a drug for heartburn that has been removed from the markets over allegations that it causes cancer.

"The settlements reflect the Company's desire to avoid the distraction related to protracted litigation. GSK does not admit any liability in the settlements and will continue to vigorously defend itself based on the facts and the science in all other Zantac cases," the company said in a statement.

On Wednesday, GSK shares closed at 1,669.80 pence, down 0.07% in London.