Amgen plans to pay $780 million to settle civil and criminal investigations relating to its sales and marketing practices, according to the biotechnology company's quarterly filing.
Amgen to pay $780 million settlement
Amgen, which is based in Thousand Oaks, Calif., said in the filing that it had reached an agreement in principle to settle allegations relating to previously disclosed federal civil and criminal investigations, which are pending in U.S. attorney’s offices in New York and Washington.
“Until the proposed settlement becomes final, there can be no guarantee that these matters will be resolved by the agreement in principle,” according to the filing.
The settlement should resolve the federal investigations, related state Medicaid claims, and 10 whistle-blower suits, Amgen said. The company recorded the $780 million charge in the third quarter of this year.
In February, Amgen said in a federal filing that it had received subpoenas from the U.S. attorney’s offices in the Eastern District of New York and the Western District of Washington, and the attorneys general of New York and New Jersey. The subpoenas requested documents relating to the company’s sales and marketing tactics.
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