By the Associated Press.
Pfizer Inc. and two of its subsidiaries have agreed to pay $345 million under a proposed settlement to resolve litigation over EpiPen price hikes.
The New York-based Pfizer and its subsidiaries–Maryland-based Meridian Medical Technologies Inc. and Tennessee-based King Pharmaceuticals–asked a federal court in Kansas City, Kansas, on Thursday to grant preliminary approval to the settlement.
Numerous class action lawsuits were filed alleging the companies engaged in anticompetitive conduct. EpiPens are auto-injectable devices that deliver the drug epinephrine and are used to treat life-threatening allergic reactions.
When Mylan acquired the right to market and distribute the EpiPen in 2007, a package cost about $100. Today, it costs more than $650.
