Now Reading: Glenmark US arm to pay $15.28 mn to Humana in antitrust case
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Glenmark US arm to pay $15.28 mn to Humana in antitrust case
Glenmark Pharmaceuticals' US subsidiary has agreed to pay $15.28 million to settle antitrust litigation with Humana Inc, the company said in a stock exchange filing on Tuesday. The case involved allegations of…
The Story in Brief
Glenmark Pharmaceuticals' US subsidiary has agreed to pay $15.28 million to settle antitrust litigation with Humana Inc, the company said in a stock exchange filing on Tuesday. The case involved allegations of price-fixing and market allocation related to generic drugs. Glenmark said it continues to deny all allegations and that the settlement does not amount to an admission of liability.
The entire settlement amount has already been provided for in the company's financial statements, it said. The Humana deal is separate from the $29.6 million settlement Glenmark's US arm reached with state attorneys general in May. Glenmark faces over 35 similar complaints in US courts alleging violations of federal antitrust laws concerning generic drug pricing.
The Indian Opinion
Settling for $15.28 million after already setting aside the money is a prudent move. But Glenmark has now paid $44.9 million in two US antitrust settlements, all while denying wrongdoing. The bigger question is how many more payouts are coming. With over 35 complaints still active, the next settlement figure, or a court verdict, will tell us whether this is a US legal cost of doing business or a deeper systemic problem.
Source: livemint.com
This story was synthesised by AI from the source linked above.
