Mylan NV (MYL) finalized a $465 million settlement with the U.S. Department of Justice, bringing an end to a suit over claims the drug maker overcharged the government for its EpiPen emergency allergy treatment, Reuters reported.
The U.S. Attorney's Office in Massachusetts revealed the deal Thursday, 10 months after it was solidified. Mylan maintained it had done nothing wrong, but the government said taxpayers expect "companies like Mylan that receive payments from taxpayer-funded programs to scrupulously follow the rules."
The government claimed Mylan misclassified the EpiPen as a generic rather than a branded prescription to avoid paying rebates to Medicaid after French rival Sanofi SA (SNY) went to the authorities in 2015. Sanofi will get nearly $38.8 million as a reward from the government.
Mylan stock traded up 1.5% to $30.93 midday Thursday.
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