MYLAN REACHES SETTLEMENTS

Mylan Laboratories of the USA has announced that it has reached agreements with Par Pharmaceuticals and Quad Pharmaceuticals regarding bribery of US Food and Drug Administration officials.

The two companies are part of a group of eight that Mylan sued in 1989 regarding bribery of FDA officials to ensure that their products were reviewed quickly.

Par and Quad have agreed to pay a $1 million in cash and $2 million in the stock of their parent company, Pharmaceutical Resources, reports the Wall Street Journal. Mylan originally sought $200 million in total from the eight companies involved. The case was originally dismissed in December last year, but the US Federal Court of Appeals reinstated Mylan's suit around five weeks ago. The suit will now go to court.