Pfizer in $60 million settlement over bribery charges
US drugs behemoth Pfizer (NYSE: PFE) said yesterday that it has agreed to pay a total of $60 million to resolve US Department of Justice (DoJ) and Securities and Exchange Commission (SEC) matters related to certain improper payments - bribery of doctors and government officials - in the operations of two of its subsidiaries outside the USA, which Pfizer voluntarily reported to the US government beginning in 2004.
To resolve those historical issues, a Pfizer indirect subsidiary (Pfizer HCP Corp) will enter into a deferred prosecution agreement with the DoJ, and pay a fine of $15 million. Under the terms of a civil settlement with the SEC, Pfizer agreed to a disgorgement of profits of $16 million and prejudgment interest of $10.3 million. The DoJ declined to bring a criminal action against Pfizer, the company noted.
Company “took short cuts to boost business”
This article is accessible to registered users, to continue reading please register for free. A free trial will give you access to exclusive features, interviews, round-ups and commentary from the sharpest minds in the pharmaceutical and biotechnology space for a week. If you are already a registered user please login. If your trial has come to an end, you can subscribe here.
Login to your accountTry before you buy
Free
7 day trial access
- All the news that moves the needle in pharma and biotech
- Exclusive features, podcasts, interviews, data analyses and commentary from our global network of life sciences reporters.
- Receive The Pharma Letter daily news bulletin, free forever.
Become a subscriber
£820
Or £77 per month
- Unfettered access to industry-leading news, commentary and analysis in pharma and biotech.
- Updates from clinical trials, conferences, M&A, licensing, financing, regulation, patents & legal, executive appointments, commercial strategy and financial results.
- Daily roundup of key events in pharma and biotech.
- Monthly in-depth briefings on Boardroom appointments and M&A news.
- Choose from a cost-effective annual package or a flexible monthly subscription
The Pharma Letter is an extremely useful and valuable Life Sciences service that brings together a daily update on performance people and products. It’s part of the key information for keeping me informed
Chairman, Sanofi Aventis UK
Today's issue
Company Spotlight
More Features in Pharmaceutical
Copyright © The Pharma Letter 2024 | Headless Content Management with Blaze