(RTTNews) – Sandoz Group AG (SDZNY), a Swiss generic and biosimilar medicines maker, introduced Tuesday that it has agreed to pay $275 million to the category of finish payer plaintiffs to resolve legacy US generic drug antitrust class motion litigation.
The corporate has additionally taken a provision of $265 million to cowl potential extra settlement prices, for the excellent claims introduced by opt-out plaintiffs and State Attorneys’ Common.
The settlement cost and the supply can be included within the firm’s 2024 monetary outcomes, nevertheless it won’t have an effect on the present full-year 2024 and mid-term steerage.
Sandoz US has entered right into a settlement settlement with the plaintiffs with various steps to resolve the litigation, nevertheless it accommodates no admission of wrongdoing by the corporate.
Sandoz Group’s oblique subsidiaries, Sandoz Inc. and its unit Fougera Prescription drugs Inc., have agreed with the category of finish payer plaintiffs within the multi-district litigation entitled In re Generic Prescription drugs Pricing Antitrust Litigation within the US District Courtroom for the Jap District of Pennsylvania.
The deal resolves the entire damages claims of the tip payer class, which is comprised usually of sure shoppers, insurers, well being and welfare funds, worker profit plans, and different entities that paid for and reimbursed the gross sales of medicine.
Below the deal, the whole $275 million can be paid earlier than December 31, 2024 in change for a full launch of all claims asserted in opposition to it ultimately payer class motion by the settlement class members.
The settlement is topic to Courtroom approval, as is required for sophistication settlements beneath US regulation.
The newest deal follows the beforehand introduced settlements with the US Division of Justice in 2020 and 2021 and with the direct purchaser plaintiffs’ class in February 2024.
The remaining claims are in search of damages for alleged anticompetitive conduct within the US market. Sure US States and Territories in addition to the oblique reseller plaintiff class and particular person plaintiffs introduced these claims within the multidistrict litigation.
Along with the US generic antitrust litigation, Sandoz Inc., Sandoz Canada Inc., and Fougera Pharma have been named in a category motion in Ontario, Canada for alleged value fixing within the Canadian generic pharmaceutical market.
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