Drug price fixation: Sandoz to pay $275 million to settle case
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Sandoz has agreed to pay $275 million to settle claims that it conspired with competitors to fix prices illegally.
Attorneys representing the plaintiffs asked U.S. District Judge Cynthia Rufe in Philadelphia to give nod for the settlement. Plaintiffs include the City of Providence, Rhode Island, and a New York City police employee benefits plan.
Sandoz denied any wrongdoing in agreeing to settle. The company said it will cooperate with the plaintiffs as they pursue claims against other drugmakers.
As per Reuters report, the antitrust case includes several drug makers that were not part of Friday's settlement, including Pfizer, Teva and Lupin. The companies did not immediately respond to requests for comment and have denied wrongdoing.
Sandoz and attorneys for the plaintiffs, "end-purchasers" including consumers who bought Sandoz drugs from pharmacies, did not immediately respond to requests for comment.
For end-payor class: Roberta Liebenberg and Jeffrey Istvan of Fine, Kaplan and Black
For Sandoz: Matthew Kent of Alston & Bird
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