Glenmark Pharmaceuticals Inc., USA Reaches Antitrust Settlement with DOJ

Glenmark Pharmaceuticals Inc., USA ("Company") 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 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.

Shares of Glenmark Pharmaceuticals Limited was last trading in BSE at Rs. 759.10 as compared to the previous close of Rs. 774.65. The total number of shares traded during the day was 34877 in over 1415 trades.

The stock hit an intraday high of Rs. 781.90 and intraday low of 755.00. The net turnover during the day was Rs. 26717856.00.

Source : Equity Bulls

Keywords

GlenmarkPharmaceuticals INE935A01035 Agreement USA DOJ AntitrustSettlement