Canadian pharma company Bausch Health has agreed to settle an antitrust class-action suit from a 2015 price increase.
According to Reuters, the class-action lawsuit accused Bausch of maintaining an illegal monopoly on diabetes drug Glumetza, enabling a price hike of nearly 800% in 2015 from US$5.72 to US$51 per tablet.
Lawyers for companies that bought Glumetza and filed the suit against Bausch revealed the deal in a court filing on Wednesday, September 8, asking US District Judge William Alsup in San Francisco to approve it.
The case had been scheduled to go to trial next month.
“Plaintiffs are pleased with the settlement, which recovers for the class a very substantial portion of the overcharges that they suffered,” Steve Shadowen, a lawyer for the purchasers, wrote in an email.
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