Glenmark fined $30 million by DOJ to resolve drug price-fixing charges

The U.S. Department of Justice, Division of Antitrust (DOJ) has postponed prosecution agreements resolving criminal antitrust charges against Teva Pharmaceuticals USA, Inc. and Glenmark Pharmaceuticals Inc., USA.
On that note, Glenmark Pharmaceuticals has reached an agreement with the DOJ to resolve all legal proceedings related to former employees’ past valuations related to the generic drug pravastatin between 2013 and 2015. .
At 09:26, shares of Glenmark Pharmaceuticals rose 0.7% to Rs 779.85 on BSE.
According to regulatory filings, Glenmark Pharmaceuticals entered into an agreement to defer prosecution for three years. If he meets the terms of the settlement, including a $30 million payment, paid in six installments, the DOJ will dismiss the pending alternative indictment, the press release added.
“Glenmark is committed to being a socially and ethically responsible company. We have devoted significant resources to strengthening our compliance practices, ensuring the highest ethical operating standards. We will continue to conduct our business with the utmost transparency and integrity,” said Sanjeev Krishan, President, Glenmark Pharmaceuticals. , called pravastatin. Teva will pay $225 million, and the two companies have also agreed to sell the business that makes the widely used cholesterol-lowering drug, pravastatin. Under the settlement, federal prosecutors will dismiss the charges for three years if the companies meet the terms of the settlement, Bloomberg reports.
According to media reports, the terms of the deal also require Glenmark to divest its version of the drug.