Astrazeneca Settles Suit For $103 Million
From UPI Business News (June 19, 2010)
U.K. drug giant AstraZeneca said it has agreed to pay $103 million to settle claims it overcharged for some wholesale medicines in the United States.
But while settling a class-action suit, the drug-maker defended its pricing and marketing practices as lawful, The Washington Post reported.
The suit alleged AstraZeneca inflated the average wholesale price of costly prescription drugs in the country.
AstraZeneca spokesman Tony Jewell said Friday the company denies any liability or wrongdoing but saw the settlement as the best way to resolve the case and focus on its business.
"AstraZeneca is committed to adhering to all government laws and regulations concerning drug pricing, including the proper reporting of drug pricing, as required by law," Jewell said.
The Post said the settlement of the lawsuit, originally filed in 2002 over the price of the company's cancer drug Zoladex, needs court approval.
Posted: June 2010