Pfizer settles Medicaid claims for $785 million
U.S. pharmaceutical giant Pfizer has reached an agreement to pay $784.6 million to resolve unpaid Medicaid rebates.
The long-running case involves practices relating to the calculation of Medicaid rebates by drug maker Wyeth for its drug Protonix between 2001 and 2006. Pfizer acquired Wyeth in 2009.
Pfizer (PFE) shares were up 0.18% to $29.54 Tuesday.
In its lawsuit, the Justice Department had alleged that Wyeth violated the law by not offering to Medicaid the discounts it had given to hospitals on its heartburn drug Protonix. Officials had said the miscalculations amounted to hundreds of... read more