Glenmark, Teva to pay Rs 2118 crore over drug price-fixing
Under the agreement, federal prosecutors will dismiss the charges in three years if the companies abide by the settlement terms.;
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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.
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