Mylan to pay SEC $30 million in EpiPen scandal
Mylan announced on Friday it "finalized" a $30 million payment to settle with the Securities and Exchange Commission (SEC) to conclude a long-running dispute over the EpiPen.
"The matter primarily concerns historical disclosures and accrual related to the U.S. Department of Justice's civil investigation concerning the classification of EpiPen® and EpiPen Jr® Auto-Injectors for purposes of the Medicaid Drug Rebate Program" the company noted in a statement.
| Ticker | Security | Last | Change | Change % |
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| MYL | NO DATA AVAILABLE | - | - | - |
According to the SEC, "Mylan classified EpiPen as a "generic" drug under the Medicaid Drug Rebate Program, which resulted in Mylan paying much lower rebates to the government than if EpiPen had been classified as a "branded" drug."
"Pursuant to the agreement with the SEC, Mylan neither admits nor denies the SEC's allegations" Mylan added.
In 2017, the company agreed to pay $465 million to the Justice Department in order to resolve claims that it had previously charged the government too much for EpiPen emergency allergy treatment -- specifically that it mislabeled the EpiPen as generic instead of a brand, in order to evade disbursing Medicaid refunds.