Glenmark Reaches $15.28 Million Settlement in US Antitrust Litigation

Glenmark Pharmaceuticals Ltd’s US subsidiary, Glenmark Pharmaceuticals Inc., has agreed to a $15.28 million settlement with Humana Inc. to resolve litigation related to allegations of price-fixing, market allocation and other anti-competitive practices involving generic medicines. The settlement amount of $15,285,369, including interest, will be paid in two instalments, with the company confirming that the entire amount has already been provided for in its financials. Importantly, Glenmark USA has denied all allegations, and the settlement does not represent an admission of liability, wrongdoing or illegality. The matter relates to three complaints filed by Humana as part of consolidated antitrust and consumer protection litigation in the Eastern District of Pennsylvania, where Glenmark Pharmaceuticals Inc., USA, has been named in more than 35 complaints since 2016 concerning generic drug pricing. The broader litigation involves direct purchasers, end payers, indirect purchasers, private plaintiffs and 46 state attorneys general, with allegations covering both drug-specific and wider industry-level conspiracies among generic drug manufacturers. From a financial perspective, Glenmark stated that the full settlement obligation has already been accounted for and therefore the agreement is not expected to have a significant impact on its financial position. Overall, the settlement removes uncertainty around the Humana-related claims while the company continues to defend its position that it did not engage in the alleged conduct. $GLENMARK Disclaimer: This post is for informational purposes only and not a recommendation to buy or sell any securities. I, or my family, associates, or relatives, may have a financial interest in the securities mentioned.