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BREAKING NEWS

Mylan to pay $30 million to settle U.S. SEC charges over EpiPen

Mylan to pay $30 million to settle U.S. SEC charges over EpiPen
FILE PHOTO: EpiPen auto-injection epinephrine pens manufactured by Mylan NV pharmaceutical company for use by severe allergy sufferers are seen in Washington, U.S. August 24, 2016. REUTERS/Jim Bourg/File Photo -
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Jim Bourg(Reuters)
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(Reuters) – Mylan NV <MYL.O> will pay a $30 million civil fine to settle U.S. Securities and Exchange Commission charges it concealed a possible loss related to a federal probe on whether it overcharged Medicaid by hundreds of millions of dollars for sales of its EpiPen Auto-Injector.

The SEC accused Mylan of misleading investors by failing to disclose or set aside money for the two-year probe by the U.S. Department of Justice before it announced a $465 million settlement in 2016.

According to the SEC, Mylan’s misclassification of EpiPen, which is used to treat severe allergic reactions, as a “generic” drug allowed the company to pay much lower rebates to the government than if it were classified as a “branded” drug.

Mylan did not admit or deny wrongdoing in agreeing to settle. In a statement, the company called the settlement “the right course of action.”

(Reporting by Jonathan Stempel in New York; Editing by Susan Fenton and Dan Grebler)

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