Sandoz Pays $265 Million for Settlement in the USA

Thu, Feb 29th 2024

Sandoz Resolves Legal Battles: Pays Settlement to Direct Sellers.

Sandoz Settlement — Keystone/SDA – URS FLUEELER

The generics specialist Sandoz is clearing up its legal legacy. The former Novartis subsidiary has reached a settlement with the plaintiff group in proceedings that have been ongoing for years.

Sandoz will pay the group of direct sellers 265 million US dollars, the Basel-based company announced on Thursday. In return, the plaintiff group, which consists of US direct sellers such as CVS and Wallgreens, will drop all claims. This is now subject to the approval of the court.

The settlement is one of the last legacies from a long-running investigation by the US Department of Justice into generics manufacturers on suspicion of illegal price fixing. An agreement was already reached with the US Department of Justice in 2020, in which Sandoz, which was still part of Novartis at the time, paid almost 200 million US dollars.

The agreement now reached, which does not include an admission of wrongdoing by Sandoz US, resolves all claims for damages by the direct purchaser class, Sandoz further announced. The agreement now reached also includes a release of claims relating to alleged conduct between 2009 and 2019 and all drugs that are the subject of the direct purchaser class actions.

The USD 265 million will reportedly be included in the company’s financial results for 2023.

©Keystone/SDA

Stay in Touch

Noteworthy

Chemical Spill in Basel: Criminal Investigation to Follow

Noteworthy

29 April 2024

Chemical Spill in Basel: Criminal Investigation to Follow

Storm Brings A Rare Aurora To Switzerland

Noteworthy

11 May 2024

Sandoz Pays $265 Million for Settlement in the USA

Sandoz Pays $265 Million for Settlement in the USA

Related Stories

Stay in Touch

Noteworthy

Chemical Spill in Basel: Criminal Investigation to Follow

Storm Brings A Rare Aurora To Switzerland

Quick Links