Lupin Pharmaceuticals, Inc, USA enters into settlement agreement with Humana Inc

Lupin Pharmaceuticals, Inc. USA ("LPI"), a wholly owned subsidiary of the Company, has been involved in multiple civil lawsuits alleging anticompetitive behavior related to certain products and violation of federal and state antitrust laws. These multiple civil lawsuits were then combined into the collection of similar cases referred to as In Re Generic Pharmaceuticals Antitrust Litigation ("Litigation"), located in Philadelphia, Pennsylvania. While LPI denies the allegations but considering that other defendants have recently settled the case and in order to avoid the costs and uncertainties of continued Litigation, LPI has entered into a Settlement Agreement ("Agreement") with one of the Plaintiffs namely Humana Inc. ("Humana").

Under the terms of the Agreement, LPI will pay USD 30 million (US Dollars Thirty million) in consideration for a full and final release of all claims against LPI and its current and former parents, affiliates, directors, employees and officers by Humana. This amount of settlement has already been provided in the Company's prior consolidated financial results.

The settlement explicitly states that LPI denies all allegations made against it, and that the Agreement does not imply any admission of liability or unlawful conduct by LPI.

Shares of Lupin Limited was last trading in BSE at Rs. 2324.25 as compared to the previous close of Rs. 2326.50. The total number of shares traded during the day was 39022 in over 2248 trades.

The stock hit an intraday high of Rs. 2334.15 and intraday low of 2302.60. The net turnover during the day was Rs. 90557929.00.

Source : Equity Bulls

Keywords

Lupin INE326A01037 LUPINPharmaceuticals USA SettlementAgreement Humana