Attorney General Phil Weiser announce $400 million settlement with generic drug manufacturer to resolve allegations it inflated drug prices

Attorney General Phil Weiser announce $400 million settlement with generic drug manufacturer to resolve allegations it inflated drug prices

COLORADO (KKTV) - Attorney General Phil Weiser announced alongside 43 other states and territories that they reached a $400 million settlement with Sandoz Inc. to resolve allegations that the generic drug manufacturer inflated and manipulated drug prices.

According to the attorney general’s office, Sandoz was allegedly engaging in “widespread, long-running conspiracies to artificially inflate and manipulate prices, reduce competition and unreasonably restrain trade related to numerous generic prescription drugs.”

If approved, officials said Sandoz will pay a total of about $469 million to settle the claims brought by the states, including amounts paid pursuant to previous settlements with other states.

Officials said the settlement will also resolve allegations that Sandoz’s past and present international affiliates, Novartis AG, Sandoz AG and Sandoz Group AG participated in the conduct and “fraudulently” transferred assets to avoid liability.

As part of the settlement, Sandoz has agreed to “meaningful reforms” to ensure fair competition and compliance with antitrust laws, officials said.

The settlement is contingent upon getting signatures from all necessary states and territories and comes as the states prepare for an anticipated trial in 2027, officials said.

Officials said this settlement is part of a series of multistate antitrust lawsuits against generic drug manufacturers and executives accused of conspiring to inflate prices and suppress competition.

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