Ex-Heritage Pharma execs settle national price fixing lawsuit: 4 things to know

Two former executives of Eatontown, N.J.-based Heritage Pharmaceuticals reached a settlement with 41 states after pleading guilty to fixing drug prices, reports Reuters.

Here are four things to know.

  1. Jason Malek, former president of Heritage, and Jeffrey Glazer, former chairman and CEO of the drug company, were charged in December for conspiring to fix generic drug prices.

  2. Prosecuters alleged the two executives participated in a scheme to fix prices for the antibiotic doxycycline hyclate and the diabetes medication glyburide, artificially driving up costs for patients.

  3. In January, the two men pled guilty to the federal criminal charges, reports Reuters.

  4. As part of the settlement, Mr. Malek and Mr. Glazer will each pay a $25,000 civil penalty and cooperate with an ongoing state investigation, according to the report.

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