Mylan to settle class-action Provigil suit for $96.5M

Canonsburg, Pa.-based Mylan will pay $96.5 million to settle a class-action lawsuit alleging it entered a "pay-to-delay" deal with the drugmaker Cephalon, reports Bloomberg.

The lawsuit, filed by a group of buyers in 2006, alleges Mylan delayed putting its generic version of Cephalon's sleeping pill Provigil on the market in exchange for payment from Cephalon, according to the report.

Through the settlement, Mylan will offer buyers — defined as all persons or entities in the U.S. who bought Provigil directly from Cephalon between June 24, 2006, and Aug. 31, 2012 —their allocated share of the settlement fund, excluding legal fees, reports Bloomberg.

The agreement is still pending approval by U.S. District Judge Mitchell Goldberg.

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