Jazz Prescribed drugs JAZZ.O stated on Tuesday that it had agreed to a settlement of $145 million to resolve a sequence of antitrust lawsuits associated to its narcolepsy drug, Xyrem.
Xyrem, a medicine authorised within the U.S., is used for the remedy of extreme daytime sleepiness and sudden lack of muscle management in sufferers affected by narcolepsy, a persistent neurological dysfunction.
The lawsuits accused Jazz Pharma of orchestrating a scheme to delay the discharge of a generic model of Xyrem, made by Hikma Prescribed drugs HIK.L, resulting in inflated costs for well being plans.
The plaintiffs, which embrace town of Windfall, Rhode Island, and the New York State Teamsters Council Well being and Hospital Fund, lodged circumstances accusing Jazz of violating U.S. antitrust legal guidelines.
Jazz is accused of constructing a financial cost that stored a rival generic off the marketplace for years, and of distributing Xyrem solely by means of a single specialty pharmacy.
Regardless of agreeing to the settlement, Jazz denied any allegations of misconduct.
The Eire-based firm stated it plans to make use of its present money reserves to finance the settlement and expects to document a pre-tax cost of $145 million within the first quarter of 2025 in relation to the settlement.
The corporate reported gross sales of $233.8 million from Xyrem within the 12 months 2024.
Hikma didn’t instantly reply to Reuters’ request for remark.
(Reporting by Kamal Choudhury in Bengaluru; Enhancing by Mohammed Safi Shamsi)
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