Generic drug giants settle federal price-fixing charges – By Josh Sisco (Politico) / Aug 21, 2023
The settlements resolve a long-running criminal probe of the generic pharmaceutical industry dating to 2014.
Two generic drug giants agreed Monday to settle long-running criminal price-fixing charges with the Justice Department, including the unusual move to sell off the drugs involved.
The U.S. arms of Israel-based Teva and India-based Glenmark are paying $225 million and $30 million, respectively, according to court filings. The companies agreed to enter into deferred prosecution agreements, a resolution in which charges are suspended but a company must admit wrongdoing. It can later face charges if it does not follow the terms of the deal.
Teva will also make a $50 million drug donation to humanitarian organizations.
The two companies both agreed to sell off their operations making the cholesterol drug pravastatin. Companies typically pay criminal fines to settle antitrust charges rather than selling off lines of business.
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