Glenmark Pharma share price tanked 5 per cent on price-fixing allegations in US
Published On: Wednesday, July 1, 2020 | By: Team KnowMyStock
Glenmark Pharma share price tanked 5 per cent intraday on July 1 after Glenmark Pharmaceuticals USA has been charged with conspiring to fix prices for generic drugs, the US Department of Justice said in a statement on Tuesday. Glenmark allegedly conspired with pharmaceutical maker Apotex Corp and other generic drug companies to increase the prices of cholesterol medication pravastatin and other generic drugs. Glenmark said it strongly disagreed with the charge. “We will continue to vigorously defend against these allegations that we know to be false, and we are confident the overwhelming evidence will make that clear,” the company said in a statement. The charge was filed in US District Court in Philadelphia. The price-fixing conspiracy allegedly took place from 2013 to 2015 and caused a loss to victims of at least $200 million, according to the department. The charge against Apotex was resolved in May by a deferred prosecution agreement in which the company agreed to pay $24 million.
On June 22, it had rallied 40 per cent in the intra-day trade after the firm received approval for Favipiravir’s (Fabiflu), a potential Covid-19 drug, by the Drug Controller General of India (DGCI).
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