Abbott to pay $184M to settle anti-trust claims
Pharma Compliance Alert, November 26, 2008
Abbott Laboratories agreed to pay $184 million to settle claims it created a monopoly with its cholesterol-lowering medication TriCor, according to a company filing with the Securities and Exchange Commission.
The settlement resolves claims filed by generic pharmaceutical manufacturers Teva Pharmaceutical and Impax Laboratories Inc., direct-drug purchasers, including CVS Caremark Corp. and Walgreen Co., and distributors, including Rochester Drug Cooperative Inc. and Meijer Distribution Inc.
Abbott Laboratories and Solvay’s Fournier unit allegedly made minor changes to TriCor’s formula, then patented the new formulations to extend patent protection and increase consumers’ costs.
The company also announced it reached agreements to resolve some of the other previously disclosed litigation involving TriCor’s active ingredient.
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