Glenmark Pharmaceutical has entered into an agreement with the United States Department of Justice, Antitrust Division (DOJ) to resolve charges alleging its involvement with Teva to fix prices for its cholesterol drug, called pravastatin.

In June 2020, the DOJ charged Glenmark with one count of price fixing in its filing in the Eastern District of Pennsylvania.

Glenmark Pharmaceuticals will pay $30 million to resolve charges and resolve all its court proceedings pertaining to its pricing practices by its employees related to its cholesterol drug, called pravastatin, between 2013 and 2015.

As part of Monday’s agreements, Glenmark Pharmaceuticals have admitted to its wrongdoing and has made a three-year Deferred Prosecution Agreement in which the company will pay $30 million in six instalments, for which the DOJ will dismiss the pending Superseding Indictment.

Sanjeev Krishan, President of Glenmark Pharmaceuticals, said the company is committed to being socially and ethically responsible. It has devoted considerable resources to strengthening its compliance practices to ensure the highest ethical operating standards.

He added the company will continue to conduct its business with the utmost transparency and integrity.

As a part of the agreement with the DOJ, the company will divest its version of the cholesterol drug, called pravastatin.