PITTSBURGH, Dec. 24, 2010 /PRNewswire/ -- Mylan Inc. (Nasdaq: MYL) today announced that it has settled lawsuits brought against it on behalf of the federal government and the state of Texas pertaining to Medicaid reimbursements paid by the federal government and the state of Texas to pharmacists and other health care providers. In exchange for a release of those claims, Mylan has agreed to pay $65 million.
The settlement reflects the finalization of an agreement made in principle among the parties early in 2010 and reported in the company's 2009 Form 10-K.
The settlement agreement confirms that the resolution of the cases does not constitute an admission, finding, or evidence of fault, liability or wrongdoing by Mylan.
Mylan Inc. ranks among the leading generic and specialty pharmaceutical companies in the world and provides products to customers in more than 140 countries and territories. The company maintains one of the industry's broadest and highest quality product portfolios supported by a robust product pipeline; operates one of the world's largest active pharmaceutical ingredient manufacturers; and runs a specialty business focused on respiratory, allergy and psychiatric therapies. For more information, please visit www.mylan.com.
SOURCE Mylan Inc.