AVET PHARMA ANNOUNCES A CLASS SETTLEMENT WITH THE DIRECT PURCHASER PLAINTIFFS IN GENERIC PHARMACEUTICALS PRICING ANTITRUST LITIGATION

News provided by

Jan 24, 2024, 09:48 ET

EAST BRUNSWICK, N.J., Jan. 24, 2024 /PRNewswire/ -- Avet Pharmaceuticals Inc. ("Avet"), formerly known as Heritage Pharmaceuticals Inc., announced today that the Company has entered into a settlement agreement with a putative class of Direct Purchaser Plaintiffs (the "DPP Class Plaintiffs") in the Generic Pharmaceuticals Pricing Antitrust Litigation pending in the U.S. District Court, Eastern District of Pennsylvania. The putative DPP Class Plaintiffs includes wholesalers and others who purchased drugs from Avet that were the subject of the lawsuit during the relevant time period.

Under the terms of the settlement, the DPP Class Plaintiffs received $10 million with the funds to be held in escrow pending final Court approval of the settlement agreement. Once approved by the Court, all claims asserted by the putative DPP Class Plaintiffs against the Company and Avet's former parent company, Emcure Pharmaceuticals Ltd., will be fully resolved and released, subject to the right of those plaintiffs to "opt-out" of the settlement. The settlement does not constitute an admission of liability by the Company.

"We are very pleased to reach this civil settlement, which effectively resolves the pending claims against the Company asserted by the DPPs, and while we will continue to litigate the remaining claims aggressively, we remain open to settling with the remaining plaintiffs under fair and reasonable terms," stated George Svokos, President & CEO at Avet. "We see this settlement as another important step toward putting these longstanding, legacy issues behind us and focusing on Avet's bright future," said Svokos. "In the years since the conduct occurred, we have revamped our leadership team, strengthened our U.S.-based manufacturing operations, and built a robust pipeline of future products that will expand the availability of generic pharmaceutical products for our consumers. With this important civil settlement, we now look forward to the opportunity to better serve our customers and to compete vigorously for their business."

About Avet
Avet Pharmaceuticals Inc. is an East Brunswick-based specialty generic pharmaceutical company engaged in the development, manufacturing, sales and marketing of generic and legacy branded pharmaceutical products for the U.S. prescription drug market. Since inception, our customers have experienced the benefits of our continuous product expansion and global alliance network that has produced an impressive portfolio of over 150 products spanning multiple dosage forms. Avet's products cover several therapeutic categories, including but not limited to oncology, cardiovascular, metabolic disease, anti-infective, and pain management. Whether an oral solid product, or a complex injectable, the Avet portfolio is poised to continue to deliver affordable, accessible and quality medicines to our customers.

SOURCE Avet Pharmaceuticals Inc.