Sandoz (SIX: SDZ), the Swiss-based pharmaceutical company, announced this week that its U.S. subsidiaries have reached a settlement in a generic drug antitrust class action, agreeing to pay $265 million to the plaintiffs. The settlement is subject to court approval and includes a provision allowing Sandoz to withdraw if a specified number of claimants opt out to pursue separate legal action.
This case predates Sandoz’s 2023 spinoff from Novartis (NYSE: NVS) and involves allegations of price-fixing among various generic drug manufacturers. The allegations against Sandoz pertain to the period from 2009 to 2019, although the company emphasized that the settlement does not constitute an admission of guilt.
The current agreement addresses only the class of individual direct purchasers, meaning Sandoz will continue to face litigation regarding claims from indirect and downstream purchasers.- Flcube.com
