Post by Logan on Jan 19, 2017 22:26:04 GMT -6
Maryland settles lawsuit with drug maker accused of creating a monopoly
Maryland joined four other states and the Federal Trade Commission in announcing a $100 million settlement Wednesday with Mallinckrodt ARD Inc., formerly known as Questcor Pharmaceuticals Inc., for allegedly monopolizing the market for a lifesaving drug called Acthar.
Acthar is a therapeutic adrenocorticotropic hormone, or ACTH, and is used to treat infantile spasms, a rare but devastating neurological disease; nephrotic syndrome, a kidney disorder; and multiple sclerosis.
The lawsuit alleged Questcor blocked competition for its ACHT drug, HP Acthar Gel, by acquiring U.S. rights to Synacthen Deport, the only other ACTH drug sold in the world.
Questcor acquired Acthar in 2001, when the drug cost $40 a vial. In 2012, Questcor offered Novartis Pharma A.G. $135 million for Synacthen, far outbidding three other companies. Maryland Attorney General Brian E. Frosh said this was to protect Acthar's monopoly.
The company then sold the vials for $34,000 each.
Read more: www.baltimoresun.com/news/breaking/bs-hs-medication-settlement-20170118-story.html
Maryland joined four other states and the Federal Trade Commission in announcing a $100 million settlement Wednesday with Mallinckrodt ARD Inc., formerly known as Questcor Pharmaceuticals Inc., for allegedly monopolizing the market for a lifesaving drug called Acthar.
Acthar is a therapeutic adrenocorticotropic hormone, or ACTH, and is used to treat infantile spasms, a rare but devastating neurological disease; nephrotic syndrome, a kidney disorder; and multiple sclerosis.
The lawsuit alleged Questcor blocked competition for its ACHT drug, HP Acthar Gel, by acquiring U.S. rights to Synacthen Deport, the only other ACTH drug sold in the world.
Questcor acquired Acthar in 2001, when the drug cost $40 a vial. In 2012, Questcor offered Novartis Pharma A.G. $135 million for Synacthen, far outbidding three other companies. Maryland Attorney General Brian E. Frosh said this was to protect Acthar's monopoly.
The company then sold the vials for $34,000 each.
Read more: www.baltimoresun.com/news/breaking/bs-hs-medication-settlement-20170118-story.html