Ranbaxy Laboratories (RANBAXY.BO) Pays $500 Million to Settle Long-Running Production Scandal
5/14/2013 7:46:45 AM
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More than a year after entering into a consent decree over a far-reaching manufacturing scandal, Ranbaxy Laboratories has agreed to pay $500 million to settle criminal and civil charges associated with the episode. In announcing the settlement, the US Department of Justice calls this the “largest” financial penalty paid by a generic drugmaker for violating the Food, Drug & Cosmetic Act. Here are the terms: the Ranbaxy US unit pleaded guilty to three felony counts of violating the Food, Drug & Cosmetic Act and four felony counts of knowingly making material false statements to the FDA. A criminal fine of $130 million will be paid, along with a forfeiture of another $20 million. The drugs in question were made in two plants in Paonta Sahib and Dewas, India.
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