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LONDON - Hikma Pharmaceuticals (OTC:HKMPY) PLC and its subsidiary, Hikma Pharmaceuticals USA Inc., have reached a preliminary agreement to settle a majority of the class action antitrust lawsuits in the United States related to the drug Xyrem® (sodium oxybate). The agreement, which is subject to court approval, would require Hikma to pay up to $50 million in cash to resolve claims from third-party payors who purchased or were billed for the medication.
The legal action against Hikma involved allegations of antitrust violations concerning Xyrem®, a medication used for the treatment of narcolepsy. These cases were previously acknowledged as contingent liabilities in Hikma’s financial disclosures.
Sam Park, Hikma’s General Counsel, commented on the agreement, stating, "We are pleased to have reached a settlement agreement that protects the Company’s interests and provides clarity to our stakeholders." He emphasized that the company had enabled access to a lower-cost authorized generic version of the medicine well before its patent expiration.
The settlement does not constitute an admission of wrongdoing or liability by Hikma, and the company has stated it will continue to defend itself against any litigation not covered by this settlement.
Hikma Pharmaceuticals, a global pharmaceutical company with headquarters in the UK, is known for creating high-quality medicines and making them accessible to those in need. With a presence across North America, the Middle East and North Africa (MENA), and Europe, Hikma focuses on transforming innovative science into practical solutions that improve lives.
This settlement agreement is based on a press release statement and awaits court approval. If the settlement is finalized, it will resolve the majority of the pending antitrust cases against Hikma regarding Xyrem®.
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