Mylan agrees to pay $30M in SEC EpiPen settlement
Mylan has agreed to pay $30 million in a settlement tied to its failure to tell investors about a Justice Department investigation into whether the company overcharged Medicaid for the EpiPen.
The Securities and Exchange Commission said Friday that Mylan NV classified the EpiPen as a “generic” drug under the Medicaid drug rebate program. This led to the pharmaceutical company paying much lower rebates to the government than if the EpiPen had been classified as a “branded” drug.
Mylan, based in Washington County, had disclosed in July that it had reached an agreement-in-principle with the SEC on the matter. The company said in a statement Friday that it neither admits nor denies the SEC’s allegations.
In July, Pfizer, the country’s largest drug-maker, announced it would absorb Mylan. The two pharmaceutical companies said they will combine Mylan, valued at $10 billion, with Pfizer’s Upjohn, which sells name brands from Viagra to the cholesterol medication Lipitor that have lost patent protection.