GSK shares jump as court dismisses Zantac claims

GSK shares were surging on Wednesday morning, as it welcomed a ruling by the multi-district litigation court (MDL) over the heartburn drug ranitidine on Wednesday.

In the ruling, the court dismissed all cases alleging the five remaining cancers.

The FTSE 100 pharmaceutical giant said scientific consensus was that there was “no consistent or reliable evidence” that ranitidine increased the risk of any cancer.

It said it would continue to defend itself “vigorously”, including against all claims brought at the state level in the US.

“Yesterday's ruling reflects the state of that science and ensured that unreliable and litigation-driven science did not enter the federal courtroom,” GSK said in its statement.

“In excluding plaintiffs' epidemiological evidence and expert testimony based on their deficiencies and unreliability, the court has dismissed all multi-district litigation cases alleging the five remaining cancers in the litigation - liver, bladder, pancreatic, esophageal, and stomach.”

Ranitidine, sold under the brand name Zantac, was pulled from shelves around the world in early 2020 after it was alleged that a probable carcinogen was fo=und in ranitidine products from a number of manufacturers.

At 0941 GMT, shares in GSK were up 9.11% at 1,514.8p.

Reporting by Josh White for Sharecast.com.