Novartis Finalizes Settlement With Justice Department
November 20 2015 - 5:35PM
Dow Jones News
By Josh Beckerman
Novartis AG has finalized a settlement with the U.S. Justice
Department concerning rebates it paid to specialty pharmacies and
has agreed to certain provisions on its interactions with the
pharmacies.
In October, the Basel, Switzerland-based drug company said it
agreed to pay $390 million as part of a settlement regarding claims
that it paid kickbacks in the form of rebates to boost
prescriptions for Novartis drugs.
The settlement relates to a June court filing by the Justice
Department, based on earlier whistleblower allegations from a
former sales manager, involving Exjade, an iron-reduction treatment
for patients who undergo blood transfusions, and Myfortic, a drug
used in kidney transplant patients.
Novartis said Friday that it is still in the process of
completing a settlement with various states.
Novartis said it would implement controls including enhanced
policies and procedures for specialty pharmacy arrangements and
contracts, training for Novartis associates and a comprehensive
annual report to the government on its compliance.
Chief Executive Joe Jimenez said in October that the rebates
were designed to induce specialty pharmacies to ensure that
patients completed a course of medicine.
Write to Josh Beckerman at josh.beckerman@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
November 20, 2015 17:20 ET (22:20 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
Novartis (NYSE:NVS)
Historical Stock Chart
From Mar 2024 to Apr 2024
Novartis (NYSE:NVS)
Historical Stock Chart
From Apr 2023 to Apr 2024
