Navigation Links
Par Pharmaceutical Companies Announces Settlement in Principle Regarding Certain Drug Pricing Lawsuits
Date:4/27/2011

WOODCLIFF LAKE, N.J., April 27, 2011 /PRNewswire/ -- Par Pharmaceutical Companies, Inc. (NYSE: PRX) announced today it reached a settlement in principle to resolve claims brought by the pharmacy Ven-A-Care of the Florida Keys, Inc. on behalf of the United States, Texas, and Florida under state and federal law, as well as claims brought by the Attorneys Generals of Alaska, South Carolina, and Kentucky under state law for $154 million (pre-tax).

Together with many other pharmaceutical manufacturers, Par is named as a defendant in numerous civil lawsuits that relate to drug price reporting by such companies. The cases, which are pending in federal and state courts, generally allege that the prices reported by pharmaceutical manufacturers caused government entities to pay inflated reimbursements for drugs under Medicaid or other programs. Par denies the allegations.

Upon execution of definitive settlement documents and certain government and court approvals, the settlement will resolve lawsuits relating to federal contributions to state Medicaid programs in 49 states (excluding Illinois), and claims of Texas, Florida, Alaska, South Carolina and Kentucky relating to their Medicaid programs. The settlement will eliminate the majority of the alleged damages asserted against Par in the various drug pricing litigations and removes all trials that had been scheduled to date.

About Par

Par Pharmaceutical Companies, Inc. is a US-based specialty pharmaceutical company. Through its wholly-owned subsidiary's two operating divisions, Par Pharmaceutical and Strativa Pharmaceuticals, it develops, manufactures and markets high barrier-to-entry generic drugs and niche, innovative proprietary pharmaceuticals. For press release and other company information, visit www.parpharm.com.

Safe Harbor Statement

Certain statements in this news release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995.  To the extent any statements made in this news release contain information that is not historical, these statements are essentially forward-looking and, as such, are subject to known and unknown risks, uncertainties and contingencies, many of which are beyond the control of the Company, which could cause actual results and outcomes to differ materially from those expressed herein.  Risk factors that might affect such forward-looking statements include those set forth in Item 1A of the Company's most recent Annual Report on Form 10-K, in other of the Company's filings with the SEC from time to time, including Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, and on general industry and economic conditions.  Any forward-looking statements included in this news release are made as of the date hereof only, based on information available to the Company as of the date hereof, and, subject to any applicable law to the contrary, the Company assumes no obligation to update any forward-looking statements.


'/>"/>
SOURCE Par Pharmaceutical Companies, Inc.
Copyright©2010 PR Newswire.
All rights reserved

Related medicine technology :

1. Thomson Scientific Publishes The Ones to Watch - A Quarterly Review of Phase Changes in the Pharmaceutical Pipeline
2. Auxilium Pharmaceuticals, Inc. Receives Clearance to Resume Clinical Trials for XIAFLEX(TM)
3. Vion Pharmaceuticals Completes Accrual of 85 Patients to its Pivotal Phase II Trial of Cloretazine(R) (VNP40101M) in Elderly AML
4. Solvay Pharmaceuticals, Inc. and Wyeth Pharmaceuticals Announce Receipt of an FDA Action Letter for Bifeprunox, an Investigational Treatment for Schizophrenia
5. DOV Pharmaceutical, Inc. Announces Successful Phase Ib Results for DOV 21,947
6. Callisto Pharmaceuticals Opens Additional Sites for Phase II Clinical Trial of Atiprimod in Advanced Carcinoid Cancer Patients
7. WallSt.net (www.wallst.net) Updates the Investment Community Through an All-New Interview With RegeneRx Biopharmaceuticals CEO
8. Par Pharmaceutical Begins Shipment of Additional Dosage Strength of Generic TOPROL-XL(R)
9. Quark Pharmaceuticals, Inc. Presented Positive Preclinical Results of Systemic RNAi Compound for Acute Renal Failure (ARF)
10. Peregrine Pharmaceuticals Doses First Patient in Cotara(R) Phase II Brain Cancer Trial In India
11. Nabi Biopharmaceuticals Announces Second Quarter 2007 Financial Results
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:5/6/2016)... DIEGO , May 6, 2016 Zymo Research ... Urine Kit at the American Urological Association,s Annual Meeting, ... that extracts and isolates total DNA from a large volume ... community at the company,s booth #5151 at the ... Urine Conditioning Buffer ™ (UCB ™ ) ...
(Date:5/6/2016)... India , May 6, 2016 ... Devices Pipeline Assessment, 2016" to its database. The ... with comparative analysis of the products at various ... involved in the pipeline product development. It also ... includes trial phase, trial status, trial start and ...
(Date:5/6/2016)... , May 6, 2016  Ampronix is excited to announce that we now stock ... 3MOS. First launched last November, the UHD camera was released to the consumer market in ... ... ... The finely crafted GP-UH532 camera is the ...
Breaking Medicine Technology:
(Date:5/6/2016)... ... May 06, 2016 , ... US Sports Camps has ... camp held at Oregon State University this summer. Employing world-class rugby figures, including former ... all skill levels with training on key fundamentals, match play, fitness and more. , ...
(Date:5/6/2016)... ... May 06, 2016 , ... Bluvault ( Bluvault Inc. ) ... for global clients of Coupa ( Coupa Software ) and other Cloud software, ... a key component in the suite of innovative implementation services offered by Bluvault. ...
(Date:5/6/2016)... ... 2016 , ... Fat-Freezing, which is what today’s popular technology ... most popular among body sculpting options, according to a new survey of dermatologic ... Richard Buckley, medical director of MilfordMD Cosmetic Dermatology Surgery & Laser Center. Dr. ...
(Date:5/6/2016)... DC (PRWEB) , ... May 06, 2016 , ... Online ... sizes and are changing the game for traditional brokers and health plans. “ The ... upcoming May 17 webinar from Atlantic Information Services, Inc. (AIS), will offer an accurate ...
(Date:5/6/2016)... ... May 06, 2016 , ... From the Speaker Podium to the ... will share its insights on managing Customers Engagement at SpeechTek 2016 Event, taking place ... Technology will deliver a Presentation on “5 Customer Engagement Strategies to improve ...
Breaking Medicine News(10 mins):