Bloomberg Law
Aug. 21, 2023, 9:09 PM

Teva, Glenmark to Pay $255 Million Over Drug Price-Fixing (1)

Leah Nylen
Leah Nylen
Bloomberg News

Teva Pharmaceutical Industries Ltd. and Glenmark Pharmaceuticals Ltd. will pay multimillion-dollar fines and make divestitures as part of a settlement with the Justice Department over price-fixing of commonly used drugs.

Teva will pay $225 million, while Glenmark is to turn over $30 million. Both companies also agreed to sell off their business lines that make a widely used cholesterol drug, pravastatin. Under the agreement, federal prosecutors will dismiss the charges in three years if the companies abide by the settlement terms.

The US unit of Teva, the world’s largest generic-drug maker, was indicted in August 2020 for allegedly fixing prices ...

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