Mylan NV has agreed to pay a $30 million fine to settle U.S. Securities and Exch...
) has agreed to pay a $30 million fine to settle U.S. Securities and Exchange Commission charges it hid from investors the impact of a federal probe into the drugmaker’s overbilling the government for its EpiPen allergy treatment.
The SEC on Friday said Mylan kept investors in the dark when it failed to disclose or set aside money for the two-year probe by the U.S. Department of Justice, prior to announcing a $465 million settlement in October 2016. Authorities said that enabled the company, which has offices in Canonsburg, Pennsylvania, and near London, England, to avoid paying higher rebates to state Medicaid programs.
The drugmaker had raised EpiPen prices by about 400% from 2010 to 2016, yet paid a fixed rebate to Medicaid during that time. Mylan’s case provided fuel to the still-continuing nationwide debate over soaring drug prices.
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