British pharmaceutical company GSK on Wednesday said it swung into a net loss in the third quarter after settling lawsuits in the United States surrounding its Zantac heartburn drug.

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.

Health authorities say there is no immediate risk, but patients have been advised to consult a doctor who can prescribe alternatives to ranitidine. On 13 September, both the US Food and Drug ...

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 discontinued version of the drug, Zantac, had triggered 80,000 lawsuits from 10 different law firms in the US and has hung over the FTSE 100 drugmaker in recent months. However, the settlement ...