A Valeant Pharmaceuticals unit agreed to pay $58 million to settle multi-district litigation that accused it of violating antitrust laws to keep generic versions of Solodyn off the market.
The company disclosed the settlement in its announcement of financial results for the fourth quarter of 2017. The multi-district litigation, initiated by purchasers of the acne medication including Walgreens, CVS, RiteAid and several pension funds, claimed Medicis Pharmaceutical, a Valeant unit, engaged in a pay-for-delay scheme with Impax Laboratories to avoid facing generic competition for the drug. Solodyn earned $32 million in the first quarter of 2017, according to company documents.
Valeant told Judge Denise J. Casper of the District of Massachusetts it had reached a settlement in February, but the exact figure was only disclosed last week.
The 1st Circuit Court of Appeals in Boston declined to take up Medicis’ appeal last month before March 12, when the case was scheduled to go to trial.