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Viatris To Pay $264M As EpiPen Antitrust Litigation Settlement: Reuters

Published 28/02/2022, 18:25
© Reuters.  Viatris To Pay $264M As EpiPen Antitrust Litigation Settlement: Reuters
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Viatris Inc (NASDAQ: VTRS), previously known as Mylan, has agreed to pay $264 million to resolve a class-action lawsuit alleging it engaged in a scheme to delay generic competition to its EpiPen allergy treatment.

The proposed settlement would resolve litigation following public outrage in 2016 over Mylan's decision to raise the list price for a pair of EpiPen to $600 from $100 in 2008.

The case until recently was slated to go on trial this month, with the plaintiffs seeking $1 billion in damages, a sum that could be multiplied under some state antitrust laws.

The lawsuit accused Mylan and Pfizer Inc (NYSE: NYSE:PFE), which manufactured the EpiPen, of engaging in wide-ranging anticompetitive conduct.

Related: India-based Biocon To Buy Viatris' Biosimilars Assets In $3.3B Deal.

Last year, the U.S. District Judge Daniel Crabtree in Kansas City dismissed much of the case against Mylan, leaving only a claim concerning a 2012 patent litigation settlement with Teva Pharmaceutical Industries Ltd (NYSE: NYSE:TEVA).

The plaintiffs had alleged the defendants entered into an unlawful "pay-for-delay" settlement with Teva that resulted in the delayed release of a generic version of the EpiPen.

Price Action: VTRS shares are down 23.5% at $11.12 during the market session on the last check Monday.

© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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