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

Novartis apologizes for slow reporting

Novartis is apologizing to Japan after the Ministry of Health, Labor and Welfare said the company had dragged its feet reporting adverse events for two of its cancer drugs.

J&J pulls morcellator from market

The company is calling the move a withdrawal, as opposed to a recall.

Pfizer buys two Baxter vaccines

The meningitis and encephalitis medications earned a combined $300 million last year.