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Wednesday, Jul 31
Pfizer to pay $491M to settle charges over illegal marketing of drug
- Pfizer (PFE) has agreed to pay $491M to settle criminal and civil charges over the illegal marketing of Rapamune, a kidney-transplant drug.
- Pfizer has pleaded guilty in the case, which centers on the practices of Wyeth Pharmaceuticals, a company that Pfizer bought in 2009 for $68B. While Rapamune was approved for use in kidney transplants, Wyeth promoted the drug for other organ transplants as well.
- The settlement is with the federal government, all 50 states and the District of Columbia.