Glenmark settles drug pricing case with US Department of Justice
Glenmark Pharmaceuticals said it has entered into a pact with the US Department of Justice, Antitrust Division (DOJ) to resolve court proceedings related to the pricing of a drug. US-based Glenmark Pharmaceuticals Inc, a subsidiary of the company, has entered into a three-year deferred prosecution agreement with DOJ involving historical pricing practices by former employees relating to the generic drug pravastatin between 2013 and 2015, the Mumbai-based drug maker said in a regulatory filing.
If the company adheres to the terms of the agreement, including the payment of USD 30 million, payable in six installments, the DOJ will dismiss the pending Superseding Indictment, it added.
«Glenmark is committed to being a socially and ethically responsible company.
We have devoted considerable resources to strengthen our compliance practices, ensuring the highest ethical operating standards. We will continue to conduct our business with the utmost transparency and integrity,» Glenmark Pharmaceuticals Inc, USA President Sanjeev Krishan stated.
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