Mylan to pay SEC $30 million in EpiPen scandal
Mylan CEO Heather Bresch on the EpiPen controversy, the health care industry and efforts to lower drug prices and improve the drug approval process.
Mylan announced on Friday it "finalized" a $30 million payment to settle with the Securities and Exchange Commission (SEC) to conclude a long-running dispute over the EpiPen.
"The matter primarily concerns historical disclosures and accrual related to the U.S. Department of Justice's civil investigation concerning the classification of EpiPen® and EpiPen Jr® Auto-Injectors for purposes of the Medicaid Drug Rebate Program" the company noted in a statement.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| MYL | NO DATA AVAILABLE | - | - | - |
According to the SEC, "Mylan classified EpiPen as a "generic" drug under the Medicaid Drug Rebate Program, which resulted in Mylan paying much lower rebates to the government than if EpiPen had been classified as a "branded" drug."
"Pursuant to the agreement with the SEC, Mylan neither admits nor denies the SEC's allegations" Mylan added.
In 2017, the company agreed to pay $465 million to the Justice Department in order to resolve claims that it had previously charged the government too much for EpiPen emergency allergy treatment -- specifically that it mislabeled the EpiPen as generic instead of a brand, in order to evade disbursing Medicaid refunds.
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