Glenmark charged with price-fixing by US Justice Dept

1 July 2020

The US subsidiary of India’s Glenmark Pharmaceuticals (BSE: 532296) has been charged for conspiring to fix prices for generic drugs, the US Department of Justice announced on Monday.

The charge, filed in the US District Court in Philadelphia, Pennsylvania, alleges that Glenmark conspired with other generic drug companies, including a Apotex, to increase and maintain prices of pravastatin and other generic drugs beginning in or around May 2013 and continuing until at least in or around December 2015.

Pravastatin is a prescription medication that reduces cholesterol, helping to prevent heart attacks and strokes. The charge alleges that the gain to the conspirators, and the loss to the victims, was at least $200 million.

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