Key Quantitative Figures
- Settlement amount: $29.628 million ($29,628,000)
- Payment terms: Payable in annual installments over 5 years
Parties Involved
- Glenmark Pharmaceuticals Limited (the Company)
- Glenmark Pharmaceuticals Inc., USA (Glenmark USA) - subsidiary
- Plaintiffs: 46 state attorneys general (United States)
- Courts: Eastern District of Pennsylvania (primary venue), District of Connecticut (for three state attorney general complaints transferred in 2024)
Background of Legal Proceedings
Glenmark USA has been involved in multiple antitrust and consumer protection lawsuits since 2016, including class actions consolidated in the Eastern District of Pennsylvania. The subsidiary was named in more than 35 complaints alleging violations of federal antitrust laws relating to pricing of generic pharmaceutical products. The allegations included price-fixing, market allocation, and related anti-competitive conduct, with plaintiffs alleging both drug-specific conspiracies and an "overarching" conspiracy among all generic drug manufacturers in the United States.
Settlement Details
Glenmark USA has agreed to enter into a settlement with the state attorneys general to resolve the dispute. The settlement:
- Total amount: $29.628 million
- Payment structure: Payable in annual installments over 5 years
- Status: Subject to court approval
- Position: Glenmark USA denies each and every allegation and the settlement does not constitute any concession or admission of liability, wrongdoing, or illegality
Financial Impact
The full amount of the settlement payments has been provided for in the Company's financials. The settlement will not have a significant impact on the financial position of the Company.