Ranbaxy, Teva settle with New York State

Share this article:

Ranbaxy, Teva and the State of New York settled a dispute that alleges the two generic drugmakers colluded not to challenge each other's right to produce no-name versions of Pfizer's cholesterol-lowering medication Lipitor as well as other medications.

“Agreements between drug manufacturers to protect each other's market positions violate principles of antitrust law, and can lead to higher drug prices,” New York Attorney General Eric Schneiderman said in a statement, as quoted by Bloomberg.

Bloomberg reports that neither company admitted wrongdoing, but the two are forwarding a total of $300,000 to the State of New York to settle the allegations.

Share this article:
close

Next Article in Business Briefs

Email Newsletters

More in Business Briefs

Penn and Teller give take on vaccines

The Las Vegas twosome give the anti-vaccination movement their signature treatment.

GSK allegations build in Jordan and Lebanon

GlaxoSmithKline says it is investigating allegations of employee misconduct. The company said in a statement that the allegations have numbers "very similar to those reported by other companies in our sector."

Generic Celebrex is coming

Pfizer and Teva's settlement puts generic Celebrex on the market by December.