Novartis Unit to Pay $195 Million in Generic Drug-Price Fixing Case
March 02 2020 - 5:35PM
Dow Jones News
By Brent Kendall
WASHINGTON -- Novartis AG's Sandoz subsidiary will pay a $195
million criminal penalty for fixing prices on generic drugs, the
Justice Department announced Monday.
The department said Sandoz admitted it was guilty of
participating in several conspiracies to rig bids and fix prices on
an array of generic medicines.
Sandoz entered into a deferred prosecution agreement and is
cooperating with the federal government's ongoing investigation,
the department said.
The conspiracies took place between 2013 and 2015 and affected
drug sales that totaled more than $500 million, the department
said.
"We are disappointed that this misconduct occurred in the face
of our clear antitrust compliance policies and multiple trainings
-- and in full contravention of the company's values," said Sandoz
President Carol Lynch.
(END) Dow Jones Newswires
March 02, 2020 17:20 ET (22:20 GMT)
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