Ranbaxy agrees to pay $39 mn to settle cases linked to Texas healthcare programme

The payments will be made in tranches through August 2015, Ranbaxy informed the BSE on Thursday.<br />

hidden October 16, 2014 10:05:32 IST
Ranbaxy agrees to pay $39 mn to settle cases linked to Texas healthcare programme

Mumbai: Generic drugmaker Ranbaxy Laboratories Ltd said it had agreed to pay $39.75 million to settle litigations concerning its participation in Texas Medicaid, the US federal-state healthcare program for the poor.

The payments will be made in tranches through August 2015, Ranbaxy informed the BSE on Thursday.

"The claims at issue related exclusively to the manner in which Ranbaxy has historically reported pricing data to Texas Medicaid for certain of its drugs," the company said in the statement.

Ranbaxy shares were up 0.7 percent at 602.10 rupees at 9:47 a.m. in Mumbai, while the broader Nifty was up 0.14 percent on Thursday.

Reuters

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