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Teva to pay $225 mn to settle price fixing charges: DoJ

The Israel-based drugmaker Teva Pharmaceuticals has agreed to pay a $225 million fine to settle price-fixing charges related to three of its medicines, the US Department of Justice (DoJ) said Monday. As part of the agreement, Teva agreed to divest from the widely used cholesterol drug pravastatin, which was at the heart of the "price-fixing conspiracy," the DoJ said in a statement.
  • Updated On Aug 22, 2023 at 08:10 AM IST
Read by: 100 Industry Professionals
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<p>FILE - An Israeli flag flies outside a Teva Pharmaceutical Industries building on Dec. 14, 2017, in Neot Hovav, Israel. The generic drug maker Teva Pharmaceuticals agreed Monday, Aug. 21, 2023, to pay $225 million to settle price-fixing charges related to sales of a major cholesterol-lowering drug. The U.S. Department of Justice said the agreement also requires Teva to divest its business making and selling the drug, pravastatin, a generic version of the brand-name medicine Pravachol. (AP Photo/Tsafrir Abayov, File)</p>
FILE - An Israeli flag flies outside a Teva Pharmaceutical Industries building on Dec. 14, 2017, in Neot Hovav, Israel. The generic drug maker Teva Pharmaceuticals agreed Monday, Aug. 21, 2023, to pay $225 million to settle price-fixing charges related to sales of a major cholesterol-lowering drug. The U.S. Department of Justice said the agreement also requires Teva to divest its business making and selling the drug, pravastatin, a generic version of the brand-name medicine Pravachol. (AP Photo/Tsafrir Abayov, File)
Washington, Aug 21, 2023 -The Israel-based drugmaker Teva Pharmaceuticals has agreed to pay a $225 million fine to settle price-fixing charges related to three of its medicines, the US Department of Justice (DoJ) said Monday.

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As part of the agreement, Teva agreed to divest from the widely used cholesterol drug pravastatin, which was at the heart of the "price-fixing conspiracy," the DoJ said in a statement.

In 2020, Teva and drugmaker Glenmark were charged by the DoJ with conspiring to fix drug prices on three medicines, including pravastatin.

Glenmark has also agreed to pay a $30 million criminal penalty, according to the statement.

"Today, the Antitrust Division and our law enforcement partners hold two more pharmaceutical companies accountable for raising prices of essential medicines and depriving Americans of affordable access to prescription drugs," Jonathan Kanter, the DoJ's assistant attorney general in its antitrust division, said in a statement.

"Companies in heavily regulated industries are on notice that the division will not hesitate to hold them accountable and will not tolerate recidivism," he added.

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  • Published On Aug 22, 2023 at 08:05 AM IST
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