Novartis pays over $700m to settle US kickbacks case

Geneva: Swiss pharmaceutical giant Novartis will pay some $729 million to settle a lawsuit brought by Washington accusing it of paying kickbacks to doctors, among other allegations.

The company’s chief executive Vas Narasimhan described the settlements as “an important milestone on our journey to build trust with society”.

“Today’s settlements are consistent with Novartis commitment to resolve and learn from legacy compliance matters,” he said in a statement.

One part of the settlement was related to the company’s use of three foundations to funnel payments to cover costs for patients taking its multiple sclerosis drug Gilenya and kidney cancer drug Afinitor.

The company agreed to pay over $51 million to settle this part of case. - AFP /