Glenmark Pharmaceuticals USA Reaches Antitrust Settlement with DOJ

Glenmark Pharmaceuticals Inc., USA on Tuesday announced that it has entered into an agreement with the U.S. Department of Justice, Antitrust Division (DOJ) to resolve all of its court proceedings with the DOJ involving historical pricing practices by former employees relating to the generic drug pravastatin between 2013 and 2015. The Company through a regulatory filing said it has entered into a three-year Deferred Prosecution Agreement, and if the Company adheres to the terms of the agreement, including the payment of $30 million, payable in six installments, the DOJ will dismiss the pending Superseding Indictment.

"Glenmark is committed to being a socially and ethically responsible company. We have devoted considerable resources to strengthen our compliance practices, ensuring the highest ethical operating standards. We will continue to conduct our business with the utmost transparency and integrity,” said Sanjeev Krishan, President, Glenmark Pharmaceuticals Inc., USA.

Glenmark Pharmaceuticals shares

The shares of Glenmark Pharmaceuticals Limited on Tuesday morning at 10:11 am IST were trading at Rs 772.50, down by 0.33 per cent.