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Shares in pharmaceuticals group GSK have jumped over 6.5% in early trading after agreeing to settle US litigation over its heartburn treatment Zantac.

GSK said last night that it has struck agreements with 10 plaintiff law firms who represent about 93%, roughly 80,000, of the US state court product liability cases pending against it over Zantac. The company will pay up to $2.2bn to settle the claims.

“Pharma giant GSK has taken a giant leap towards drawing a line under the long-running legal battle concerning alleged cancer to heartburn remedy Zantac.

It’s agreed to settle around 93% of cases pending in the US State Courts for a payment of up to $2.2bn as well as an additional $70mn in a separate but related action. In sterling terms, it’s expecting to recognise a £1.8bn charge for the settlements, which also covers the remaining 7% of outstanding claims, with some analysts seeing scope for the final quantum to come in a little lower.

He leaves an extraordinary business and philanthropic legacy and was instrumental in mentoring and developing the modern business leadership in India. He deeply cared about making India better.