Why GSK Stock Rocketed Nearly 6% Skyward on Wednesday

Thanks largely to news of a crucial legal settlement, GSK (NYSE: GSK) was one of the better-performing big pharma stocks on Wednesday. Relieved investors showed their appreciation by collectively bidding the company's shares up by 5.8% on the day, a performance that easily eclipsed the 0.7% rise of the benchmark S&P 500 index.That news concerns a discontinued version of GSK's blockbuster heartburn drug Zantac, which was the focus of a series of lawsuits alleging that its active ingredient caused cancer. GSK announced Wednesday that it has agreed to a settlement with 10 plaintiffs' law firms representing around 80,000 Zantac cases -- 93% of the total number. The agreement will see the pharmaceutical company make a maximum aggregate payment of $2.2 billion to resolve all of those cases. GSK added that other terms of the settlement were confidential. The company wrote that it expects the settlement to be fully implemented by the end of the first half of 2025.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool