Viatris Inc (NASDAQ:VTRS), previously known as Mylan, has agreed to pay $264 million to resolve a class-action lawsuit alleging it engaged in a scheme to delay generic competition to its EpiPen allergy treatment.
The proposed settlement would resolve litigation following public outrage in 2016 over Mylan's decision to raise the list price for a pair of EpiPen to $600 from $100 in 2008.
The case until recently was slated to go on trial this month, with the plaintiffs seeking $1 billion in damages, a sum that could be multiplied under some state antitrust laws.
The lawsuit accused Mylan and Pfizer Inc (NYSE: PFE), which manufactured the EpiPen, of engaging in wide-ranging anticompetitive conduct.
Related: India-based Biocon To Buy Viatris' Biosimilars Assets In $3.3B Deal.
Last year, the U.S. District Judge Daniel Crabtree in Kansas City dismissed much of the case against Mylan, leaving only a claim concerning a 2012 patent litigation settlement with Teva Pharmaceutical Industries Ltd (NYSE:TEVA).
The plaintiffs had alleged the defendants entered into an unlawful "pay-for-delay" settlement with Teva that resulted in the delayed release of a generic version of the EpiPen.
Price Action: VTRS shares are down 23.5% at $11.12 during the market session on the last check Monday.
