Ranbaxy to pay $500mn to US Department of Justice for settlement of charges related to drug safety

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Ranbaxy to pay $500mn to US Department of Justice
In a largest ever settlement involving a generic drug maker over drug safety, Ranbaxy Laboratories Ltd, majority-owned by Japan's Daiichi Sankyo Co Ltd., pleaded guilty to felony charges and will pay USD 500 million in civil and criminal fines under the settlement agreement with the US Department of Justice.

The fine includes USD 150 million in payments for a criminal fine and forfeiture and USD 350 million in payments for civil claims.

Ranbaxy USA was under investigation by the government into its manufacturing practices and for falsifying data.

The company pleaded guilty to three felony counts related to the manufacturing of drugs at two Indian locations that did not meet safety standards and to four counts of making material false statements.

Read more about: ranbaxy laboratories
Story first published: Tuesday, May 14, 2013, 9:30 [IST]
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