New Delhi: Glenmark Phar- maieutical on Tuesday said it will pay $87.5 million to three plaintiff groups to settle multiple antitrust and consumer protection law- suits in the US related to a gee- enrich drug.
There were multiple anti- trust and consumer protection lawsuits, including a class action, consolidated in the Eastern District of Virgin- IA against the company and its subsidiary Glenmark Phar- maieutical Inc in connection with generic Zetia, a drug for the treatment of cholesterol, the Mumbai-based drug maker said in a regulatory filing.
The lawsuits alleged that in 2010, Glenmark entered anticompetitive agreement to settle patent in- fragment litigation involving a patent related to ezetimibe (the active ingredient in Zetia) with Schering Corporation and MSP Singapore Company LLC.
The trial for the case began on April 19, 2023 in the US courts.
Three plaintiff groups collectively representing all of the claims against the company and Merck are referred to as the Direct Purchaser Plain- tiffs, the Retailer Plaintiffs, and the End-Payor Plaintiffs, Glenmark said.
“With a view to resolve this dispute and avoid uncertain- ty, the company has agreed to enter settlements with all three plaintiff groups, for a total amount of $87.5 million payable over two financial years,” it added.
Shares of Glenmark settled 0.3% up at R 518.4 apiece on the BSE.