The settlement amount of $15.28 million ($15,285,369), including interest, will be paid in two instalments. Glenmark said the full amount has already been provided for in the company’s financials.
“With a view to resolving this dispute and avoiding uncertainty, Glenmark USA has agreed to enter into a settlement with Humana for the total amount of $15.28 million ($15,285,369), including interest, payable in two instalments.
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The settlement makes clear that Glenmark USA denies each and every one of the allegations made against it, and the settlement does not constitute any concession or admission of liability, wrongdoing, or illegality on the part of Glenmark USA,” according to a stock exchange filing.
The settlement relates to three complaints filed by Humana that were part of consolidated antitrust and consumer protection litigation in the Eastern District of Pennsylvania, US. Glenmark Pharmaceuticals Inc., USA, has been named in more than 35 complaints since 2016 alleging violations of federal antitrust laws relating to pricing of generic pharmaceutical products.
The plaintiffs in the consolidated litigation include classes of direct purchasers, end payers and indirect purchasers of generic drugs, along with numerous private, direct-action plaintiffs and 46 state attorneys general.
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The plaintiffs, including Humana, have alleged individual drug-specific conspiracies as well as an “overarching” conspiracy among multiple generic drug manufacturers in the US. Glenmark Pharmaceuticals Inc. and the other defendants have denied the allegations and have defended the matters.
Glenmark said the settlement with Humana is aimed at resolving the dispute and avoiding uncertainty. Under the settlement, Glenmark Pharmaceuticals Inc. denies each and every allegation made against it, and the agreement does not constitute any concession or admission of liability, wrongdoing or illegality.
The company said its subsidiaries are involved in legal proceedings that are normal to the business and that such litigation is often resolved through settlement agreements with plaintiffs.
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“The full amount of the payments under the settlement agreements have been provided for in the company’s financials. This settlement will not have a significant impact on the financial position of the company. You are requested to take the above information on your record,” it added.
Shares of Glenmark Pharmaceuticals Ltd ended at ₹2,290.00, down by ₹6.00, or 0.26%, on the BSE.
