Sun Pharmaceutical Industries has agreed to pay $485 million to settle an antitrust litigation for allegedly delaying generic versions of three drugs in the US.
Sun Pharma and its US-based subsidiary, Ranbaxy Inc., have signed a binding agreement with two plaintiff groups to settle claims regarding the antitrust litigation, the company said in an exchange filing.
The matter is related to alleged conduct by Ranbaxy Laboratories, before its acquisition by Sun Pharma and deals with application for three generic drugs: Hypertension drug Diovan,heartburn treatment Nexium, and antiviral Valcyte, , the company said.
The settlement covers multiple antitrust, consumer protection, and civil RICO class actions in connection with these generic drugs. “With a view to resolve this dispute and avoid uncertainty.”
The settlement agreement, on execution, will ensure that all allegations against it, “which it has denied, not conceded and not admitted, do not survive and stand extinguished”, Sun Pharmaceuticals said.
Sun Pharmaceuticals has had previous run-ins with antitrust law, including a 2017 case involving pharmaceutical rival Mylan, accused conspiring to raise the price of generic asthma medicine. The same union also filed another suit for similar charges against Mylan and Sandoz for colluding to boost the cost of another generic asthma medicine.
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