Glenmark Pharmaceuticals has agreed to pay $25 million as part of a settlement with the U.S. Department of Justice in a case involving the pricing of a generic drug.
Glenmark Pharmaceuticals Inc, USA, a wholly-owned subsidiary of the Mumbai-based drugmaker, has agreed to pay the amount in six installments over five years, with interest on the settlement amount at the rate of 4.25 per cent per annum from May 28, 2024, the company said in a regulatory filing late on Wednesday night.
The US Justice Department’s Civil Division has concluded its investigation into the False Claims Act and Anti-Kickback Statute in a settlement with Glenmark Pharmaceuticals Inc, US, it said.
“The settlement amount and interest on the settlement amount constitute restitution,” the drugmaker said.
As noted, the agreement does not contain any admission of liability by the company, except to the extent already admitted by Glenmark in the Deferred Prosecution Agreement of August 2023, it added.
Last year, Glenmark said it had entered into a three-year deferred prosecution agreement with the U.S. Department of Justice over former employees’ price-fixing practices in connection with the generic drug pravastatin between 2013 and 2015.
Shares of Glenmark were up 1.22 per cent and trading at Rs 1,708.25 apiece on the BSE.
Disclaimer:
The information contained in this post is for general information purposes only. We make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the post for any purpose.
We respect the intellectual property rights of content creators. If you are the owner of any material featured on our website and have concerns about its use, please contact us. We are committed to addressing any copyright issues promptly and will remove any material within 2 days of receiving a request from the rightful owner.