Novartis Unit to Pay $195 Million in Generic Drug-Price Fixing Case

By Brent Kendall

WASHINGTON -- Novartis AG's Sandoz subsidiary will pay a $195 million criminal penalty for fixing prices on generic drugs, the Justice Department announced Monday.

The department said Sandoz admitted it was guilty of participating in several conspiracies to rig bids and fix prices on an array of generic medicines.

Sandoz entered into a deferred prosecution agreement and is cooperating with the federal government's ongoing investigation, the department said.

The conspiracies took place between 2013 and 2015 and affected drug sales that totaled more than $500 million, the department said.

"We are disappointed that this misconduct occurred in the face of our clear antitrust compliance policies and multiple trainings -- and in full contravention of the company's values," said Sandoz President Carol Lynch.

(END) Dow Jones Newswires

March 02, 2020 17:20 ET (22:20 GMT)

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