Wednesday, October 28, 2020

Drug maker Rising Pharm. pays $3 million to settle price-fixing charges

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Rising Pharmaceuticals Inc., a generic drug manufacturer based in East Brunswick, admitted Tuesday to conspiring to fix prices for a blood pressure medication called Benazepril HCTZ, according to the U.S. Attorney’s office for the Eastern District of Pennsylvania.

U.S. Attorney William M. McSwain announced that Rising was charged with price fixing and divvying up sales territories. The New Jersey company, which is in bankruptcy, conspired with a rival manufacturer, the U.S. Attorney’s office said. McSwain did not identify the other company.

Rising participated in the antitrust conspiracy between April 2014 through at least September 2015.

The charge is the fourth in an ongoing criminal investigation into the generic drug industry. Previously, two executives pleaded guilty to criminal antitrust violations and a company, Heritage Pharmaceuticals Inc, entered into a deferred prosecution agreement, according to a statement released by the Department of Justice.

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In return for paying a reduced fine and restitution of about $3 million, Rising agreed to cooperate with the ongoing criminal investigation. The Department of Justice will defer prosecuting Rising for three years or until the company’s bankruptcy proceedings become final.

Source: Inquirer

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