The Sun Pharmaceutical Industries and Ranbaxy Inc. have finally agreed to pay $145 million for the Nexium, Diovan, Valcyte class action settlement . Do you want to know more about this class action settlement? Continue reading for more details.
What is The Nexium, Diovan, Valcyte $145M Class Action Settlement
Sun Pharmaceutical Industries and Ranbaxy Inc. have agreed to a $145 million class action settlement to resolve claims the companies worked together to fix the price of generic Nexium and generic or branded Diovan and Valcyte.
What is the Lawsuit All about
The Lawsuit, which is pending in the District of Massachusetts, alleges Defendants engaged in a scheme, in violation of state antitrust, state consumer protection, and federal racketeering laws, involving misrepresentations to the FDA in connection with pursuing tentative approvals for abbreviated new drug applications, which resulted in delayed market launch of generic versions of Nexium, Diovan, and Valcyte. As a result, the Lawsuit alleges that the End-Payor Classes paid or reimbursed for the at-issue drugs at prices that were higher than they would have otherwise been. Defendants deny any wrongdoing.
How to know if you are in the settlement class
You are in the settlement class if you are a third-party payor and you purchased or provided reimbursement for prescription drugs as described below:
Generic Nexium Nationwide Class. Between May 27, 2014 and February 1, 2019, you purchased or paid for some or all of the purchase price of AB-rated generic versions of Nexium in the United States and its territories;
(2)Brand or Generic Diovan Nationwide Class. Between September 28, 2012 and April 1, 2020, you purchased or paid for some or all of the purchase price of Diovan and/or AB-rated generic versions of Diovan in the United States and its territories; or
(3)Brand or Generic Valcyte Nationwide Class. Between August 1, 2014 and April 1, 2020, you purchased or paid for some or all of the purchase price of Valcyte and/or AB-rated generic versions of Valcyte in the United States and its territories.
Plaintiffs in the class action lawsuit alleged the defendants violated both state and federal law. Generic drug maker Ranbaxy is accused of wrongfully obtaining tentative U.S. Food and Drug Administration (FDA) approval for a series of drug applications, including generic versions of Nexium, Diovan and Valcyte by misrepresenting factory conditions and data integrity analysis results.
After attorneys’ fees and other expenses are deducted from the $145 million settlement fund, the remainder will be divided among class members who submit valid claim forms. 72.6% will go to the Diovan settlement classes, 26.2% to the Nexium settlement classes and 1.2% to the Valcyte classes.
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Conclusion
The deadline to object or ask to speak at the fairness hearing is July 18, 2022.
The deadline to file a claim is Oct. 11, 2022
The Court has preliminarily approved the proposed settlement between the End-Payor Classes and Ranbaxy (the “Settlement”). The proposed Settlement will provide for the payment of $145 million (the “Settlement Fund”) to resolve the End-Payor Classes’ claims against Ranbaxy. The full text of the proposed Settlement Agreement, which is dated April 8, 2022, is available at www.RanbaxyTPPLitigation.com.
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