Last Updated on August 26, 2023 by The Health Master
Glenmark
The US Department of Justice’s Antitrust Division (DOJ) recently concluded the resolution of criminal antitrust charges against Teva Pharmaceuticals USA, Inc. and Glenmark Pharmaceuticals Inc., USA, through deferred prosecution agreements.
These agreements mark a significant development in the legal proceedings involving the two pharmaceutical giants.
Glenmark Pharmaceuticals’ Commitment to Resolution
In a notable move, Glenmark Pharmaceuticals has opted to enter into an agreement with the DOJ to address all ongoing legal proceedings concerning historical pricing practices associated with the generic drug pravastatin, which took place between the years 2013 and 2015.
Key Elements of the Deferred Prosecution Agreement
A regulatory filing disclosed crucial details about Glenmark Pharmaceuticals‘ commitment to the resolution process.
The company has agreed to a three-year Deferred Prosecution Agreement, which outlines the terms and conditions for the resolution of the antitrust charges.
Under the terms of this agreement, Glenmark Pharmaceuticals is obligated to make a payment of $30 million, which will be disbursed in six installments over time.
In return, the DOJ will dismiss the pending Superseding Indictment, offering a reprieve from the legal charges.
Glenmark Pharmaceuticals’ Ethical Stance
Sanjeev Krishan, the President of Glenmark Pharmaceuticals, affirmed the company’s dedication to upholding ethical and responsible practices.
He expressed the company’s commitment to dedicating significant resources to bolster its compliance procedures and ensure adherence to the highest ethical operating standards.
This commitment underscores Glenmark’s mission to conduct business transparently and with integrity.
Charges and Settlement
The DOJ’s charges against Glenmark Pharmaceuticals revolve around the allegation that the company colluded with Teva Pharmaceuticals to manipulate prices for the cholesterol drug, pravastatin.
To settle these charges, Glenmark Pharmaceuticals has agreed to a payment of $30 million, a sum that underscores the company’s commitment to resolving the issue and moving forward.
Teva Pharmaceuticals’ Resolution
In a parallel development, Teva Pharmaceuticals is set to pay USD 225 million to settle its part in the antitrust allegations.
Notably, both companies have additionally agreed to divest their business lines associated with the production of the widely used cholesterol drug, pravastatin.
According to the terms of the settlement, if the two companies follow the agreed-upon terms for a period of three years, federal prosecutors will drop the charges, according to Bloomberg.
Conclusion: A Pivotal Step towards Compliance and Integrity
The resolution of antitrust charges between the US Department of Justice and Glenmark Pharmaceuticals, along with Teva Pharmaceuticals, signifies a significant stride towards fostering ethical practices and transparency within the pharmaceutical industry.
Glenmark’s commitment to resolving the charges, combined with its dedication to compliance and integrity, underscores the importance of responsible corporate conduct in today’s business landscape.
Disclaimer: This article contains information derived from the source mentioned below. Our team utilized an AI language model to rewrite and present the news or article in a unique format.
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