Mylan hit the headlines in recent months when the price of its lifesaving EpiPen technology skyrocketed to more than $600 for a packet of two devices. The company took some steps to rectify the price by offering steeper discounts, but that didn’t stop federal regulators from asking questions.
Now, the pharma company has reached a $465 million settlement with the U.S. Department of Justice and other agencies. The terms of the settlement don’t include any admission of wrongdoing on the part of Mylan. Instead, the main issue at hand is whether the device should have been classified differently, and therefore subject to more rebates.
Just last week, Mylan was accused by regulators of misrepresenting its profits to lawmakers by including tax provisions that it doesn’t have to pay.
— Caroline Chen (@CarolineYLChen) October 7, 2016