Ranbaxy Laboratories To Pay $40 Million To Settle Texas Medicaid Pricing Litigation

(Reuters) - Indian generic drugmaker Ranbaxy Laboratories Ltd said it has agreed to pay $39.75 million to settle litigation concerning its participation in Texas Medicaid, the U.S. federal-state healthcare program for people with low incomes.

The litigation related to the manner in which Ranbaxy historically reported pricing data to Texas Medicaid for some drugs, Ranbaxy said in a statement on Thursday. The payments will be made in tranches through August 2015, it said.

Ranbaxy in May said, without elaborating, it had made a provision of 2.38 billion rupees ($38.57 million) in its first quarter results for "certain settlements done with the government authorities" in the United States.

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