Teva Pharmaceuticals, Glenmark Pharmaceuticals Settle Price-Fixing Charges

(RTTNews) - Teva Pharmaceuticals and Glenmark Pharmaceuticals have reached a settlement with the U.S. Department of Justice over price-fixing allegations.

The companies have agreed to pay a fine of $225 million in penalties to resolve charges related to the manipulation of drug prices.

Under the terms of the agreement, Teva will pay the fines over a span of five years, with annual payments of $22.5 million from 2024 to 2027 and a larger sum of $135 million in 2028.

Glenmark Pharmaceuticals, on the other hand, will pay a separate $30 million to settle similar charges. The charges pertain to the pricing of pravastatin, a prescription drug renowned for its role in reducing cholesterol levels and preventing heart attacks and strokes.

Assistant Attorney General of the DOJ's antitrust division, Jonathan Kanter, highlighted the significance of the recent settlements, emphasizing that the actions of these pharmaceutical companies have hindered Americans' access to vital medicines.

As part of their commitment to rectify the situation, Teva Pharmaceuticals has also pledged to donate $50 million worth of two generic drugs affected by the price-fixing scandal to humanitarian organizations that provide medications to underserved Americans. The company has allocated $200 million to address the DOJ's allegations and ensure future compliance.