Ranbaxy to pay $39.75 mn for settling row with Texas

Ranbaxy to pay $39.75 mn for settling row with Texas

FPJ BureauUpdated: Saturday, June 01, 2019, 07:34 AM IST
article-image

New Delhi : Ranbaxy Laboratories, which has been facing regulatory hurdles in the US, today said it will pay USD 39.75 million (around Rs 244 crore) in tranches to the state of Texas in the US to settle the litigation concerning its participation in the Texas Medicaid Program.

“The company has settled the litigation concerning its participation in the Texas Medicaid Program. Under the settlement agreement, Ranbaxy will make payments to the State of Texas totalling USD 39.75 million in a series of tranches through August 2015,” Ranbaxy said in a BSE filing.

The claims at issue related exclusively to the manner in which Ranbaxy has historically reported pricing data to Texas Medicaid for certain of its drugs, it added. Last year, Ranbaxy had paid around $4,20,000 to the US state of Idaho as part of a $500-million settlement that the drug firm had signed with US authorities.

RECENT STORIES

India's Gold Reserves Rise By $342 Million, Forex Stands At $699.736 Billion: RBI

India's Gold Reserves Rise By $342 Million, Forex Stands At $699.736 Billion: RBI

Mumbai: Back Pain A 'Silent Epidemic' In India, Says Gautam Adani At Spine Surgery Conference...

Mumbai: Back Pain A 'Silent Epidemic' In India, Says Gautam Adani At Spine Surgery Conference...

Tesla Gears Up For India Debut With Opening Of 1st Store In Mumbai

Tesla Gears Up For India Debut With Opening Of 1st Store In Mumbai

Coconut Oil Prices Triple In A Year; SEA Seeks Urgent Govt Nod For Short-Term Oil, Copra Imports

Coconut Oil Prices Triple In A Year; SEA Seeks Urgent Govt Nod For Short-Term Oil, Copra Imports

Microsoft Makes AI Skills Mandatory, 15,000 Jobs Cut As Company Shifts Focus To Future Tech

Microsoft Makes AI Skills Mandatory, 15,000 Jobs Cut As Company Shifts Focus To Future Tech