Ranbaxy, Teva settle with New York State

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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.

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