Glenmark settles $15 million antitrust dispute with Humana regarding generic drug pricing allegations
Glenmark Pharmaceuticals Limited has reached a settlement agreement in connection with ongoing legal disputes concerning alleged anti-competitive conduct in the United States. The company’s US subsidiary, Glenmark Pharmaceuticals Inc., USA (Glenmark USA), agreed to settle a case involving Humana, Inc., over price-fixing and market allocation allegations related to generic pharmaceutical products.The lawsuit originated from multiple antitrust and consumer protection cases consolidated in the Eastern District of Pennsylvania. Since 2016, Glenmark USA has faced more than 35 complaints alleging violations of federal antitrust laws relating to the pricing of pharmaceutical products by manufacturers of generic drugs. The plaintiffs include various classes of purchasers, endpayers, and indirect purchasers of generic drugs, as well as numerous private direct-action plaintiffs and 46 state attorneys general.
To resolve the dispute and mitigate uncertainty, Glenmark USA agreed to a settlement with Humana for a total amount of $15.28 million ($15,285,369). The payment will be made in two installments.
The company emphasized that the settlement does not constitute any concession or admission of liability, wrongdoing, or illegality on the part of Glenmark USA, which has vigorously defended the matters while denying these allegations.
Glenmark Pharmaceuticals Limited confirmed that the full amount for the settlement agreement has been provided for within the Company's financials. Furthermore, the company stated that this settlement will not have a significant impact on its financial position.
GLENMARK Stock Price Movement
On Tuesday, shares of Glenmark Pharmaceuticals Limited edged higher in the market, settling at ₹2276 after gaining 1.10%. The stock saw a traded volume of 284,670 shares during the session.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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