Tuesday 22 August 2023

Glenmark Pharmaceuticals Resolves DOJ Proceedings with $30 Million Settlement for Pravastatin Pricing

Mumbai-based drugmaker Glenmark Pharmaceuticals has reached an agreement with the US Department of Justice (DOJ) to settle court proceedings regarding the pricing of the cholesterol drug pravastatin. 

The company will pay $30 million in six installments to resolve allegations of historical pricing practices between 2013 and 2015. Glenmark's US subsidiary, Glenmark Pharmaceuticals Inc, has also entered a Deferred Prosecution Agreement. If the terms are followed, the pending Superseding Indictment will be dismissed after three years.

In a related development, Teva Pharmaceutical Industries will pay fines and divestitures in a settlement with the DOJ over drug price-fixing, including the widely used cholesterol drug pravastatin. Both companies have committed to selling off their pravastatin manufacturing business lines. Federal charges will be dropped in three years if settlement terms are adhered to.

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