Allergan will pay US$750 million to direct and indirect purchasers of its Alzheimer’s disease medication Namenda, resolving a class action suit that alleged the Ireland-domiciled company tried to prevent or delay entry of generic competitors.
The suit was filed after the New York attorney general won a settlement making similar charges.
The trial was scheduled to begin by the end of October. Allergan announced it will take a US$750 million charge to its third-quarter earnings to account for the settlement.
AbbVie is in the process of acquiring Allergan, with the goal of closing the transaction in the first quarter of 2020. The Federal Trade Commission has put that US$63 billion deal under additional review.
Namenda came into the Allergan portfolio when Actavis, the previous name for the corporate entity now known as Allergan, purchased Forest Laboratories.
Full Content: Yahoo
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
