Abbott Laboratories Settles Lawsuit over Tricor Cholesterol Drug for $22.5 million
Associated Press
Drugmaker Abbott Laboratories agreed to pay $22.5 million to settle allegations it tried to block generic competition to a popular cholesterol medication, according to state officials.
The agreement was announced Thursday by attorneys general from 23 states and the District of Columbia, who sued North Chicago-based Abbott to recover costs to state Medicaid plans.
The multistate lawsuit alleged that Abbott and a unit of Belgium drugmaker Solvay Pharmaceuticals made minor changes to the formulation of Tricor to prevent cheaper generic versions from launching. Generics can cost up to 80 percent less than brand-name drugs.
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