Shares of British pharmaceutical and biotech company, GSK (NYSE: GSK) rose in pre-market trading at the time of writing on Friday after the company announced that it had reached a confidential settlement with California resident James Goetz. Goetz had filed a case in California State Court alleging that GSK’s now discontinued heartburn drug, Zantac had caused bladder cancer.
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The case was set to go on trial on July 24 and will now be dismissed. GSK commented on the settlement in a press release, “The settlement reflects the Company’s desire to avoid distraction related to protracted litigation in this case. 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.”
GSK stock has not fared well in the past year and is down by more than 15%.
