Sun Pharma arm resolves US antitrust case over generic drug pricing, to pay Rs 1542 crore
Mumbai: Sun Pharmaceutical Industries said on Friday its US-based subsidiary Taro Pharmaceutical Inc has resolved all cases in connection with multi-year investigations by the Department of Justice's (DoJ's) Anti-trust Division and Civil Division into the US generic pharmaceutical industry.
Under a deferred prosecution agreement reached, the DoJ will file information for conduct that took place between 2013 and 2015. If the company adheres to the terms of the agreement, including the payment of 205.7 million dollars, the DoJ will dismiss the information at the end of a three-year period.
Taro Pharmaceutical has also reached a framework understanding with the DoJ Civil Division, subject to final agreement and agency authorisation, in which the company has agreed to pay 213.3 million dollars to resolve all claims related to federal healthcare programmes.
The company is discussing a separate corporate integrity agreement with the Department of Health and Human Services, Office of Inspector General. This agreement will supplement Taro Pharmaceutical's existing compliance programmes based upon established best practices and industry standards as well as its global code of conduct.
"We are happy to have reached this global resolution with the DoJ," said Chief Executive Officer Uday Baldota. "Taro Pharmaceutical is committed to the highest level of ethics and integrity and we will continue to fully cooperate with the government on its ongoing investigation into the generic pharmaceutical industry," he said in a statement on Friday.
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