AVET PHARMA ANNOUNCES A SETTLEMENT WITH THE STATE ATTORNEY GENERAL PLAINTIFFS IN GENERIC PHARMACEUTICALS PRICING ANTITRUST LITIGATION

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Nov 04, 2024, 15:50 ET

EAST BRUNSWICK, N.J., Nov. 4, 2024 /PRNewswire/ -- Avet Pharmaceuticals Inc. ("Avet"), formerly known as Heritage Pharmaceuticals Inc., announced today that the Company has entered into a settlement agreement with the State Attorneys General Plaintiffs (the "State AG Plaintiffs") in the Generic Pharmaceuticals Pricing Antitrust Litigation formerly pending in the U.S. District Court, Eastern District of Pennsylvania, and now pending in the U.S. District Court for the District of Connecticut.

The State AG Plaintiffs include fifty U.S. states and territories that have asserted claims against Avet and other pharmaceutical companies, on their own behalf and on behalf of their respective constituencies, based upon the purchase of drugs that were the subject of the lawsuit during the relevant time period. In January 2024, Avet announced a settlement with a separate putative class of Direct Purchaser Plaintiffs ("DPPs") in the Generic Pharmaceuticals Pricing Antitrust Litigation and Avet also announced a settlement with a separate putative class of End-Payer Plaintiffs ("EPPs") in June 2024.

Under the terms of the settlement, the State AG Plaintiffs 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 State AG Plaintiffs against the Company and Avet's former parent company, Emcure Pharmaceuticals Ltd., will be fully resolved and released. The settlement does not constitute an admission of liability by the Company.

"The States have taken a leadership role in investigating and litigating the claims against the generic pharmaceutical industry, and we are particularly pleased to reach this civil settlement with them, which represents another major milestone in putting these longstanding, legacy issues behind us as a Company," stated George Svokos, President & CEO at Avet. "This settlement, along with the two other settlements we reached this year with the DPPs and the EPPs, 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.