Four pharmaceutical companies collectively are agreeing to pay California nearly $70M to settle allegations that they delayed generic narcolepsy drug, Provigil, from entering the market for nearly six years to keep prices high.
The bulk of the money will come from Teva Pharmaceutical (NYSE:TEVA) and its affiliates, which are paying $69M, the largest pay-for-delay settlement received by any state.
Teva said the money will come from a pre-existing fund that was created in 2015 as part of the company’s settlement with the FTC over similar claims, and it will not make any additional payments.
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