Register for free to listen to this article
Listen with Speechify
0:00
1:00
WASHINGTON, D.C.—Abbott Laboratories and two units ofBelgium's Solvay SA have agreed to pay $22.5 million as part of a multi-state settlementover claims that the companies attempted to block generic competition for thecholesterol drug TriCor.
 
 
The settlement was announced Jan. 7 by attorneys generalfrom 23 states and the District of Columbia who alleged that Abbott and Solvayunits Fournier Industrie et Sante and Laboratoires Fournier S.A. made minorchanges in TriCor that provided no clinical benefit, in order to manipulatestate drug substitution laws and the industry's drug-identification system. Thedrug accounted for more than $1 billion in sales for Abbott Laboratories.
 
In the antitrust lawsuit, filed in U.S. District Court inDelaware in March 2008, the plaintiffs alleged that pharmacists were unable todispense less expensive generic versions of TriCor as substitutes for the moreexpensive name-brand drug.
 
 
"These companies deprived taxpayers, state agencies, andconsumers of a fair marketplace that would have lowered prices by offering lessexpensive generics," said New York Attorney General Andrew Cuomo in astatement.
 
 
The settlement does not represent an admission of liability.
 
"We agreed to settle the lawsuits to avoid the uncertaintyof ongoing litigation," said Scott Stoffel, a spokesman for Abbott. "Wecontinue to believe our actions were lawful." 
 
States participating in the settlement are: Arizona,Arkansas, California, Connecticut, Florida, Idaho, Iowa, Kansas, Massachusetts,Maine, Maryland, Michigan, Minnesota, Missouri, Nevada, New York, NorthCarolina, Oregon, Pennsylvania, South Carolina, Texas, Washington and WestVirginia.
 
 
Abbott shares rose 0.7 percent to $54.71 in late-afternoontrading on the New York Stock Exchange.

Related Topics

Loading Next Article...
Loading Next Article...
Subscribe to Newsletter

Subscribe to our eNewsletters

Stay connected with all of the latest from Drug Discovery News.

Subscribe

Sponsored

Gold circles with attached purple corkscrew shapes represent gold nanoparticles against a black background.

Driving gene therapy with nonviral vectors 

Learn why nonviral vectors are on the rise in gene therapy development.
A 3D digital illustration of a viral spike protein on a cell surface, surrounded by colorful, floating antibodies in the background

Milestone: Leapfrogging to quantitative, high throughput protein detection and analysis

Researchers continuously push the boundaries of what’s possible with protein analysis tools.
Blue cancer cells attached to a cellular surface against a bright blue background in a 3D rendering of a cancer infection.

Advancing immuno-oncology research with cellular assays

Explore critical insights into immunogenicity and immunotoxicity assays for cancer therapies.
Drug Discovery News November 2024 Issue
Latest IssueVolume 20 • Issue 6 • November 2024

November 2024

November 2024 Issue

Explore this issue