KVK Reaches Global Resolution of DOJ Litigation

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Feb 26, 2024, 15:39 ET

NEWTOWN, Pa., Feb. 26, 2024 /PRNewswire/ -- KVK Tech, Inc. ("KVK"), announced today that it has resolved all matters involving the U.S. Attorney's Office for the Eastern District of Pennsylvania (EDPA) and the Consumer Protection Branch of the Department of Justice, including US v . Vepuri, et al. The government charged KVK and its affiliate KVK Research with two misdemeanor counts of distributing adulterated drugs.

KVK Tech Manufacturing Facility (Newtown, Pennsylvania)

To resolve these charges, KVK has agreed to enter into a Deferred Prosecution Agreement (DPA) with the government that will, among other things, require that company to operate with an independent compliance monitor for the next three years. Also, KVK Research has agreed to plead guilty to the two misdemeanor counts charged and to pay financial penalties.

After Research is sentenced and the DPA is entered, the DOJ has agreed to dismiss all charges against the two individual defendants Murty Vepuri and Ashvin Panchal.

"KVK looks forward to putting this litigation behind us. We will continue to focus on providing high-quality, affordable generic pharmaceuticals to the American public" said Anthony Tabasso, KVK's CEO. "KVK remains committed to maintaining the highest levels of integrity, and we look forward to continuing to work with all relevant stakeholders to uphold those standards."

About KVK

Founded in 2004, KVK has fast become a trusted leader in specialty pharmaceutical manufacturing. KVK is a leader in the development and manufacture of high-quality, FDA-approved medicines that address unmet patient needs. KVK takes pride in its ability to advance medical care and offer low-cost alternatives in response to today's healthcare challenges. The dedicated team is comprised of individuals with the technical, clinical and business expertise that is necessary for innovation that results in the development of a diverse range of life-changing medicines for patients of all socio-economic levels. Learn more at https://kvktech.com/

SOURCE KVK Tech, Inc.