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Teva Pharmaceuticals, along with Glenmark Pharmaceuticals, faced criminal antitrust charges related to a price-fixing conspiracy involving generic drugs like pravastatin, clotrimazole, and tobramycin.
The U.S. Department of Justice (DOJ) announced deferred prosecution agreements with Teva and Glenmark, requiring them to pay fines and divest certain drug lines involved in the misconduct. Teva agreed to pay a $225 million criminal penalty over five years and donate $50 million worth of drugs to humanitarian organizations. Glenmark will pay a $30 million penalty and divest its version of pravastatin.
The settlements include remedial measures such as divesting business lines and ensuring compliance with antitrust laws. Teva admitted involvement in bid rigging and price fixing with competitors like Sandoz Inc., leading to increased prices for generic medicines, including tobramycin. The company also acknowledged the participation of a former employee in price-fixing schemes between 2013 and 2015.
These agreements mark significant penalties for domestic antitrust violations, emphasizing the DOJ's commitment to combatting price-fixing and collusion in the pharmaceutical industry. Both Teva and Glenmark agreed to cooperate with ongoing investigations, modify compliance programs, and face prosecution if they violate the terms of the agreements. The settlements reflect the DOJ's efforts to hold corporate offenders accountable for anticompetitive practices, ensuring fair competition in the market.
Teva's proactive measures to prevent future misconduct through robust compliance controls were highlighted as part of the settlement agreements.
In summary, the legal dispute involving Teva Pharmaceuticals and other companies underscores the consequences of engaging in price-fixing schemes within the pharmaceutical sector, leading to substantial fines, divestitures, and commitments to uphold fair competition practices under DOJ oversight.
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