Apotex Inc. has agreed to pay $100 million to pay U.S. investigators over claims that it engaged in a five-year scheme to fix prices on generic drugs.
The company, which is based in Maple Ridge, B.C., and recently acquired New Jersey-based Sandoz Inc., previously had a strong business in the United States. Its share price rose about 65% over the last three years, according to Bloomberg data. The company said in an April 7 statement that it has hired more than 100 U.S. employees since August, and it had plans to continue its expansion in the U.S.
The company has denied wrongdoing, saying in February that it was cooperating with a U.S. probe into the conduct of its competitors.
“Apotex has steadfastly denied the charges, and has actively resisted the U.S. Department of Justice’s attempt to compel substantial documents and electronic data relating to allegations that Apotex engaged in a widespread conspiracy to unlawfully fix the prices of a broad range of generic drugs in the United States,” the company said in a May 9 filing.