Teva to pay $225M to settle cholesterol drug price-fixing charges

By The Associated Press

WASHINGTON (AP) — The generic drug maker Teva Pharmaceuticals agreed Monday to pay $225 million to settle price-fixing charges related to sales of a widely used cholesterol-lowering drug. The U.S. Department of Justice said the agreement also requires Teva to divest its business making and selling the drug, pravastatin, a generic version of the brand-name medicine Pravachol. Another generic-drug maker, Glenmark Pharmaceuticals, agreed to pay a $30 million criminal penalty and to divest its pravastatin business as well. DOJ charged seven generic drug makers, including Teva and Glenmark, with price-fixing, bid-rigging and market-allocation schemes. The seven companies have collectively agreed to pay $681 million in fines in addition to other penalties.