Teva Pharmaceutical Industries Ltd., a US generic drug-maker, announced that the Company will settle lawsuits alleging the Company caused several state governments to pay inflated prices for its drugs under Medicaid and other programs.
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TEVA RESOLVES DRUG PRICING SUIT
MIAMI – Generic drug-maker Teva Pharmaceutical Industries Ltd announced the company plans to settle lawsuits alleging it caused several state governments to pay inflated prices for its drugs under Medicaid and other programs.
Teva, which denies the charges, said the company will record a charge of about $315 million in its fourth quarter, 2009. The charge includes the settlement in principle and a reserve for the remaining drug pricing lawsuits to which Teva is a party.
Teva is one of a number of drug companies named in civil lawsuits that relate to drug price reporting by manufacturers in about 15 states. The cases are pending in US federal and state courts.
The lawsuit was brought by Ven-A-Care of the Florida Keys Inc, on behalf of the United States, Texas, Florida and California under federal and state False Claims Acts.
The settlement will eliminate the majority of the alleged damages asserted against Teva.
SOURCE: LawDay
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