Sandoz moves to resolve legacy US generic drug antitrust class action litigation
Swiss generic and biosimilar medicines major Sandoz (SIX: SDZ) today announced a number of steps to resolve the US Generic Drug Antitrust Class Action Litigation.
Following the previously announced settlements with the US Department of Justice in 2020 and 2021 and with the direct purchaser plaintiffs’ class in February 2024, Sandoz has now also entered into a settlement agreement with the end payer plaintiffs’ class for a total of $275 million, which is expected to be paid before December 31, 2024.
The company has also taken a provision of $265 million for the outstanding claims brought by opt-out plaintiffs and State Attorneys’ General. The settlement payment and the provision will be included in the company’s 2024 financial results. This does not affect current Sandoz full-year 2024 and mid-term guidance.
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