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Drugmaker Lupin has entered into a settlement agreement with Health Care Service Corporation and Humana Inc in connection with ongoing litigation over Glumetza, a drug used to treat diabetes. Lupin will pay $9 million as part of the settlement.
“While the company denies the plaintiff’s allegations and maintains that it has robust and meritorious defences to the plaintiff’s claims of liabilities and damages, in order to avoid the costs and uncertainties of continued litigation, the company decided to settle with the plaintiffs by entering into a settlement agreement for an amount of $9,000,000,” Lupin told the stock exchanges.
Further it pointed out that the settlement agreement was “neither an admission of facts nor liability” by the company. “The company shall have no responsibility for any other costs including attorneys’ fees and expenses, taxes, or any other category of costs,” it said, adding that the settlement would not have a significant impact on the financial position of the company.
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