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Mylan to pay $30 million U.S. SEC fine related to EpiPen overcharge probe
Source: Reuters
BUSINESS NEWS SEPTEMBER 27, 2019 / 10:16 AM / UPDATED 3 HOURS AGO
Mylan to pay $30 million U.S. SEC fine related to EpiPen overcharge probe
Jonathan Stempel
3 MIN READ
(Reuters) - Mylan NV has agreed to pay a $30 million fine to settle U.S. Securities and Exchange Commission charges it hid from investors the impact of a federal probe into the drugmaker’s overbilling the government for its EpiPen allergy treatment.
The SEC on Friday said Mylan kept investors in the dark when it failed to disclose or set aside money for the two-year probe by the U.S. Department of Justice, prior to announcing a $465 million settlement in October 2016.
That accord resolved claims that Mylan overbilled the government by hundreds of millions of dollars by misclassifying its EpiPen Auto-Injector as a generic drug rather than a brand-name drug.
Authorities said that enabled the company, which has offices in Canonsburg, Pennsylvania, and near London, England, to avoid paying higher rebates to state Medicaid programs.
-snip-
Mylan to pay $30 million U.S. SEC fine related to EpiPen overcharge probe
Jonathan Stempel
3 MIN READ
(Reuters) - Mylan NV has agreed to pay a $30 million fine to settle U.S. Securities and Exchange Commission charges it hid from investors the impact of a federal probe into the drugmaker’s overbilling the government for its EpiPen allergy treatment.
The SEC on Friday said Mylan kept investors in the dark when it failed to disclose or set aside money for the two-year probe by the U.S. Department of Justice, prior to announcing a $465 million settlement in October 2016.
That accord resolved claims that Mylan overbilled the government by hundreds of millions of dollars by misclassifying its EpiPen Auto-Injector as a generic drug rather than a brand-name drug.
Authorities said that enabled the company, which has offices in Canonsburg, Pennsylvania, and near London, England, to avoid paying higher rebates to state Medicaid programs.
-snip-
Read more: https://www.reuters.com/article/us-usa-mylan/mylan-to-pay-30-million-u-s-sec-fine-related-to-epipen-overcharge-probe-idUSKBN1WC1O9
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Related: Mylan to Pay $30 Million for Disclosure and Accounting Failure Relating to EpiPen (Securities and Exchange Commission)