U.S. Justice Department withdraws Mylan’s Viatris unit from industry antitrust investigation

(Reuters) – Viatris said on Tuesday that its Mylan unit is no longer the subject of an antitrust investigation by the U.S. Justice Department into alleged price-fixing in the generic drug industry.

Viatris was formed in 2020 through the merger of Pfizer’s Mylan and Upjohn companies.

Mylan and several large drugmakers, such as Israel’s Teva Pharmaceutical Industries and India’s Sun Pharmaceutical Industries, have been under investigation by the Justice Department for more than eight years for alleged anticompetitive business practices involving price-fixing of certain generic drugs.

Many states have also filed lawsuits against these companies for alleged antitrust practices.

The Department of Justice has informed Viatris that it does not expect further action regarding the pricing and sales of its generic drugs.

Viatris said it will continue to defend itself against the remaining civil lawsuits related to these matters.

Shares of Pennsylvania-based Viatris rose 1.5% in premarket trading.

(Reporting by Christy Santhosh; Editing by Shilpi Majumdar)