OR WAIT 15 SECS
Wyeth reaches agreement in principle to resolve Medicaid drug rebate claims for 2001-2006 period for Protonix.
Pfizer reported on Feb. 16, 2016, that the company has agreed in principle to pay $784.6 million to resolve claims alleging that its Wyeth subsidiary’s practices relating to the calculation of Medicaid rebates for its drug Protonix (pantoprazole sodium) between 2001 and 2006, violated the Federal Civil False Claims Act and other laws. Pfizer acquired Wyeth in 2009.
The agreement in principle does not include an admission of liability by Wyeth. The resolution is subject to the negotiation of final settlement agreements and court approval. When finalized, the agreement in principle is expected to fully resolve cases pending in Federal District Court for the District of Massachusetts, Pfizer reported in a statement.
As a result of the agreement in principle, Pfizer reissued its financial results for the fourth quarter and full year of 2015, originally released on Feb. 2, 2016, to reflect the $784.6 million charge.