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September 8, 2023

Secretariat Economists Assists DOJ in Securing Record-Breaking $305M Settlement Deal in Teva/Glenmark Generic Drugs Price-Fixing Case

The settlement of United States of America v. Teva Pharmaceuticals USA, Inc. and Glenmark Pharmaceuticals Inc., USA, a price-fixing case that involved numerous generic drugs, including pravastatin, was described by DOJ as “the largest to date for a domestic antitrust cartel.”* Under the settlement, Teva is to pay a $225 million criminal penalty and donate $50 million worth of drugs, and Glenmark is to pay $30 million. In addition, Teva and Glenmark will be required to divest their respective versions of a generic cholesterol drug, pravastatin, that was part of the alleged conspiracy.

Secretariat Economists (SE) played a major role in estimating damages for this matter. In particular, SE economists Philip Nelson, Paul Godek, and Stephanie Mirrow worked with Professor John Mayo of Georgetown University, DOJ economists, Evan Gee and Peter Woodward, and DOJ Financial Analyst Joanne Legomsky to evaluate the damages associated with the alleged collusion. SE economists also worked with DOJ attorneys Matthew Lunder, Thomas Tynan, Michael Sawers, Barry Joyce, Mark Grundvig, and Julia Maloney in preparation for the presentation of damages estimates at the trial, which was scheduled to occur in May 2024.

*See Office of Public Affairs | Major Generic Drug Companies to Pay Over Quarter of a Billion Dollars to Resolve Price-Fixing Charges and Divest Key Drug at the Center of Their Conspiracy | United States Department of Justice


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