Novartis settles US antitrust proceedings with a million-dollar payment of 400 billion francs – that’s how much money Elon Musk, Jeff Bezos and Co. lost in 2022

Novartis settles US antitrust case for $245 million The Basel-based pharmaceutical company was accused of trying to delay the introduction of counterfeit products of its high blood pressure drug Exforge in the United States. The agreement with, among others, pharmacy operators must now be finally approved by a federal judge in New York, Novartis announced in the US on Thursday evening.

The agreement allows Novartis to settle all outstanding claims in this case, according to the pharmaceutical company. The lawsuit stems from a 2011 licensing agreement between Novartis and generic manufacturer Par Pharmaceutical regarding the launch of a generic version of Exforge.

As of 2018, Novartis was being sued by several parties, both individually and in class actions, that purchased Exforge “directly and indirectly,” Novartis’ most recent annual report also shows. The pharmaceutical company had denied the allegations. According to a report by Reuters news agency, the plaintiffs include major US pharmacy chains such as CVS Health Corp, Rite Aid Corp and Walgreens Boots Alliance.

Exforge is used to treat high blood pressure. Novartis’ annual sales in the US with the drug amounted to more than $ 400 million before counterfeit products entered the market, the Reuters news agency previously reported based on court documents.

Novartis shares were initially not impressed by the news on the Swiss stock exchange on Thursday. Shortly after the stock market opened, Novartis shares fell 0.6 percent to CHF 84.20. However, they are about to give way to the overall market – the blue chip index SMI loses 0.5 percent at the same time. (aeg/sda/awp)