GlaxoSmithKline (GSK) saw its shares jump more than 6% after the pharmaceutical giant announced a settlement of up to $2.2 billion (€2.01bn) to resolve tens of thousands of lawsuits in the US related to its discontinued heartburn medication,

GSK settles 93% of Zantac lawsuits with a $2.2 billion payout, easing investor concerns. However, doubts over its future growth persist as challenges with its drug pipeline remain.

GSK's $2.2bn payment to settle 93% of outstanding Zantac lawsuits in the US was close to the "best case scenario", according to Jefferies, which said the announcement should remove a significant weight on the share price.