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.

(To receive our E-paper on whatsapp daily, please click here. We permit sharing of the paper's PDF on WhatsApp and other social media platforms.)

Free Press Journal

www.freepressjournal.in