Abbott, Geneva Pharmaceuticals to Pay in $30.7 Million Settlement

Abbott Laboratories and Geneva Pharmaceuticals have agreed to a $30.7 million nationwide settlement to refund customers and third-party payers in 18 states who claimed that the two companies had conspired to engage in anticompetitive conduct selling a drug that treats hypertension and enlarged prostate. The settlement agreement, reached earlier this month, is still subject to final court approval. The commercial version of the drug, Hytrin, is manufactured by Abbott, which will pay $18 million in the case. The generic version, called terazosin, is made by Geneva.

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