Glenmark Pharmaceuticals has reached a settlement agreement to resolve ongoing antitrust litigation in the United States, involving its subsidiary Glenmark Pharmaceuticals Inc., USA. The settlement, amounting to $29.628 million, will be paid in annual instalments over five years, subject to court approval.
The legal proceedings, which have been ongoing since 2016, involve allegations of price-fixing, market allocation, and anti-competitive conduct by Glenmark USA and other manufacturers of generic pharmaceutical products. The lawsuits were consolidated in the Eastern District of Pennsylvania, and later, three complaints filed by state attorneys general were transferred to the District of Connecticut in 2024.
The plaintiffs in these cases include classes of direct purchasers, end-payers, indirect purchasers of generic drugs, private direct-action plaintiffs, and 46 state attorneys general. They allege both individual drug-specific conspiracies and an overarching conspiracy among all manufacturers of generic drugs in the United States.
Despite the settlement, Glenmark USA has denied all allegations made against it and stated that the agreement does not constitute any admission of liability, wrongdoing, or illegality. The company has provided for the full amount of the settlement in its financials, and it is not expected to have a significant impact on Glenmark Pharmaceuticals’ financial position.
Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).