AVET PHARMA ANNOUNCES A CLASS SETTLEMENT WITH THE END PAYER PLAINTIFFS IN GENERIC PHARMACEUTICALS PRICING ANTITRUST LITIGATION

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Jun 13, 2024, 14:39 ET

EAST BRUNSWICK, N.J., June 13, 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 End Payer Plaintiffs (the "EPP Class Plaintiffs") in the Generic Pharmaceuticals Pricing Antitrust Litigation pending in the U.S. District Court, Eastern District of Pennsylvania. The putative EPP Class Plaintiffs include private companies, municipalities and other governmental entities (other than federal or state governmental entities) that paid and/or provided reimbursement for some or all of the purchase price for drugs purchased from Avet for personal use by their members that were the subject of the lawsuit during the relevant time period. In January 2024, Avet also announced a settlement with a separate putative class of Direct Purchaser Plaintiffs in the Generic Pharmaceuticals Pricing Antitrust Litigation.

Under the terms of the settlement, the EPP Class will receive $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 EPP 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 with the EPPs, which represents yet another important step toward putting these longstanding, legacy issues behind us as a Company," stated George Svokos, President & CEO at Avet. "This settlement, along with the settlement we reached with the DPPs several months ago, will help us focus our continuing efforts to deliver affordable, accessible and quality medicines to our customers," said Svokos.

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.