Teva settles some Medicaid price suits
NEW YORK - Teva Pharmaceutical, the world's largest generic drugmaker, says it is settling several lawsuits related to Medicaid reimbursement for its products, and is setting aside $315 million to cover the settlement and other suits.
NEW YORK - Teva Pharmaceutical, the world's largest generic drugmaker, says it is settling several lawsuits related to Medicaid reimbursement for its products, and is setting aside $315 million to cover the settlement and other suits.
The Israeli company, which has North American headquarters in North Wales, Montgomery County, says the settlement would end lawsuits involving the U.S. government and the states of Florida, Texas, and California. It says the lawsuits allege that Teva Pharmaceutical Industries Ltd. inflated the prices of products to get more reimbursement money from Medicaid programs.
Teva says the settlement would end the claims involving federal contributions to Medicaid programs, and claims by the three states. It says that other suits remain, but that those settlements would resolve most of the alleged damages.
Teva denies the allegations.
Company shares were down 47 cents to $57.45 soon after the market opened today.