Home » Generics industry – Sandoz pays $265 million for settlement in the USA – News

Generics industry – Sandoz pays $265 million for settlement in the USA – News

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Generics industry – Sandoz pays $265 million for settlement in the USA – News

The generics specialist Sandoz is clearing up legal legacy issues. In a case that has been ongoing for years, the former Novartis subsidiary has agreed to a settlement with the plaintiff group. Sandoz will pay the group of direct sellers $265 million.

In return, the plaintiff group, which consists of US direct sellers such as CVS and Wallgreens, will drop all claims, the Basel company announced. The prerequisite for this is now the approval of the court.

Legend: The former subsidiary of the pharmaceutical giant Novartis specializes in the production of generic products. KEYSTONE/Archive/Yoshiko Kusano

The settlement is one of the last legacies from a year-long investigation by the US Department of Justice against the generic drug manufacturer on suspicion of illegal price fixing. An agreement had already been reached with the US Department of Justice in 2020, in which Sandoz, which was then still part of Novartis, paid almost $200 million.

With the agreement now reached, which does not contain any admission of wrongdoing by Sandoz US, all claims for damages by the group of direct buyers will be settled, Sandoz further announced. The agreement also includes a release of claims relating to alleged conduct between 2009 and 2019 and all pharmaceuticals that are the subject of the direct purchaser class action lawsuits.

The $265 million will reportedly be included in the company’s 2023 financial results.

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