Mylan has reached a tentative agreement to resolve an investigation that it underpaid the government for EpiPens.
The company disclosed the proposed deal with the U.S. Securities and Exchange Commission in a regulatory filing this week. The SEC first launched the probe into alleged security violations and disclosures in 2016. Around the same time, the company was also being investigated by the Department of Justice, which claimed that Mylan purposefully classified EpiPens as generics, even though it was a branded drug, to avoid paying rebates to government programs such as Medicaid.
The increased scrutiny of Mylan’s EpiPens came after the company raised the price of the life-saving allergy medication by about 400 percent between 2010 and 2016.
Mylan eventually settled with the DOJ for $465 million.
Under the terms of the proposed settlement with the SEC, Mylan will admit no wrongdoing. The deal still has to be approved by the SEC.
Read the full Reuters report.
Don't miss your Daily Dose. Get news like this delivered right to your inbox.