Sandoz’ US subsidiaries resolve generic drug antitrust class action litigation

Swiss generics and biosimilars drugmaker Sandoz (SIX: SDZ) today announced that its US subsidiaries – Sandoz Inc  and Fougera Pharmaceuticals - have entered into a settlement agreement with the class of direct purchaser plaintiffs in the multidistrict litigation entitled In re Generic Pharmaceuticals Pricing Antitrust Litigation in the US District Court for the Eastern District of Pennsylvania.

This agreement, which contains no admission of wrongdoing by Sandoz US, resolves all of the damages claims of the direct purchaser class, which is the only class of plaintiffs that purchased directly from Sandoz US and brought their claims under federal law.

Under the terms of the agreement, Sandoz US will pay $265 million in exchange for a full release of all claims asserted against it in the direct purchaser class action by the settlement class members. The full amount of the payment will be included in the company’s 2023 financial results.