Lupin's US arm settles antitrust lawsuit with Humana for $30 million; details here

Pharma major Lupin Ltd on Friday said its US subsidiary has entered into a settlement agreement with insurer Humana Inc for $30 million, while denying all allegations linked to the case.

"In the normal course of business, the Company and its subsidiaries are involved in legal proceedings, which are often resolved through settlement agreements with the plaintiffs. Pursuant to Regulation 30 read with Schedule III of the SEBI Listing Regulations, we wish to inform that Lupin Pharmaceuticals, Inc. USA (LPI), a wholly owned subsidiary of the Company, has been involved in multiple civil lawsuits alleging anticompetitive behavior related to certain products and violation of federal and state antitrust laws," the company said.

"These multiple civil lawsuits were then combined into the collection of similar cases referred to as In Re Generic Pharmaceuticals Antitrust Litigation (Litigation), located in Philadelphia, Pennsylvania. While LPI denies the allegations but considering that other defendants have recently settled the case and in order to avoid the costs and uncertainties of continued Litigation, LPI has entered into a Settlement Agreement (Agreement) with one of the Plaintiffs namely Humana Inc," Lupin added.

"Under the terms of the Agreement, LPI will pay $30 million (US Dollars Thirty million) in consideration for a full and final release of all claims against LPI and its current and former parents, affiliates, directors, employees and officers by Humana. This amount of settlement has already been provided in the Company's prior consolidated financial results," the company also said.

"The settlement explicitly states that LPI denies all allegations made against it, and that the Agreement does not imply any admission of liability or unlawful conduct by LPI," Lupin further stated.

Meanwhile, shares of Lupin Ltd settled 0.71 per cent lower at Rs 2,322.70 on Thursday.