Settlement Agreement: Pursuant to Regulation 30 of the SEBI (LODR) Regulations, 2015
GLENMARK · price
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Glenmark's US subsidiary, Glenmark Pharmaceuticals Inc., has agreed to settle antitrust lawsuits filed by 46 state attorneys general for $29.628 million, payable in annual installments over 5 years. The lawsuits alleged price-fixing, market allocation, and anti-competitive conduct in the US generic drug market. Since 2016, the subsidiary was named in over 35 complaints from direct purchasers, end-payers, and indirect purchasers. Glenmark USA denies all allegations and states the settlement does not constitute admission of liability. The full amount has been provided for in the company's financials.
The settlement resolves a long-standing legal dispute without significantly impacting Glenmark's financial position, though the $29.6 million payout across 5 years represents a moderate cash outflow for the US subsidiary.