April 27, 2011 / 9:39 PM / 9 years ago

UPDATE 1-Par Pharmaceutical settles drug pricing lawsuits

* Settles lawsuits for $153 mln

* Says settlement will remove major damages and trials (Follows alerts)

April 27 (Reuters) - Par Pharmaceutical Cos Inc said it settled drug pricing lawsuits against it that allegedly caused government entities to pay inflated reimbursements for $153 million.

Par was named a defendant along with other pharmaceutical manufacturers in the lawsuits brought by Ven-A-Care of the Florida Keys Inc and attorney generals of Alaska, South Carolina, and Kentucky under state law.

The lawsuits claimed that these companies reported prices which made the government entities to pay inflated reimbursements for drugs under Medicaid or other programs.

The Woodcliff Lake, New Jersey-based company denied the allegations.

The settlement will eliminate majority of damages asserted and all trials scheduled to date, the company said.

Shares of the company closed at $34.54 on Wednesday on the New York Stock Exchange. (Reporting by Kavyanjali Kaushik in Bangalore;Editing by Vyas Mohan)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below