AVET PHARMA ANNOUNCES CLASS SETTLEMENT WITH END-PAYER PLAINTIFF IN AN ANTOMONOLORITY CASE ON GENERIC PHARMACEUTICAL PRODUCTS PRICES

EAST BRUNSWICK, NJ, June 13, 2024 /PRNewswire/ — Avet Pharmaceuticals Inc. (“Vet“), formerly known as Heritage Pharmaceuticals Inc., announced today that the Company has entered into a settlement with a putative class of end-payer plaintiffs (“EPP Class Plaintiffs“) in a generic drug pricing antitrust proceeding in the United States District Court, Eastern District Pennsylvania. EPP putative plaintiffs include private companies, municipalities and other governmental entities (other than federal or state governmental entities) that have paid and/or provided reimbursement of some or all of the purchase price of drugs purchased from Avet for their personal use. members who were the subject of the lawsuit during the relevant period. In January 2024, Avet also announced a settlement with a separate putative class of direct-purchaser plaintiffs in a generic drug pricing antitrust proceeding.

Under the terms of the settlement, the EPP class will receive 10 million dollars with funds to be held in an escrow account until the court finally approves the settlement. Upon approval by the Court, all claims asserted by the putative EPP Class plaintiffs against the Company and Avet’s former parent company, Emcure Pharmaceuticals Ltd., will be fully settled and discharged, subject to the right of such putative plaintiffs to “opt out” of the settlement. The settlement does not constitute an admission of liability by the Company.

“We are very pleased to have reached a civil settlement with the EPP groups, which is another important step towards putting these long-standing, legacy issues behind us as a company,” he said. George Svokos, president and CEO of Avet. “This agreement, together with the agreement we reached with DPPs several months ago, will help us focus our ongoing efforts on providing affordable, accessible and high-quality medicines to our customers,” Svokos said.

About Aveta
Avet Pharmaceuticals Inc East Brunswick– a generic pharmaceutical company engaged in the development, manufacture, sale and marketing of generic and branded pharmaceutical products for the U.S. prescription drug market. From the very beginning, our customers have experienced the benefits of our continuous product expansion and global alliance network, which has created an impressive portfolio of over 150 products in various dosage forms. Avet’s products cover several therapeutic categories including, but not limited to, oncology, cardiovascular disease, metabolic disease, anti-infectives and pain management. Whether it is a solid oral product or a combined injectable product, Avet’s portfolio is able to continue to provide our customers with affordable, accessible and high-quality medicines.

SOURCE Avet Pharmaceuticals Inc.