Fifth company admits it fixed prices of generic drugs, says DoJ

24 July 2020

Shares of India’s largest drugmaker Sun Pharmaceutical Industries (NYSE: 524715) gained 4% to 496 rupees in the early morning trading today, after its US subsidiary, Taro Pharma, reached a settlement agreement with the US Department of Justice (DoJ), Antitrust and Civil divisions to pay more than $200 million to settle the generic drug price-fixing allegations against the company.

Taro Pharma was charged with conspiring to fix prices, allocate customers, and rig bids for generic drugs, the Department of Justice announced on Thursday.

The Antitrust Division also announced a deferred prosecution agreement (DPA) resolving the charges against Taro USA, under which the company agreed to pay a $205,653,218 criminal penalty and admitted that its sales affected by the charged conspiracies was in excess of $500 million.

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