Play Live Radio
Next Up:
0:00
0:00
Available On Air Stations
Economy & Business
Contact 90.5 WESA with a story idea or news tip: news@wesa.fm

Mylan Agrees To Pay $30M In SEC EpiPen Settlement

mylan_epipen.jpg
Rich Pedroncelli
/
AP
In this July 8, 2016, file photo, a pharmacist holds a package of EpiPen epinephrine auto-injectors, a Mylan product, in Sacramento, Calif.

Mylan has agreed to pay $30 million in a settlement tied to its failure to tell investors about a Justice Department investigation into whether the company overcharged Medicaid for the EpiPen.

The Securities and Exchange Commission said Friday that Mylan NV classified the EpiPen as a "generic" drug under the Medicaid drug rebate program. This led to the pharmaceutical company paying much lower rebates to the government than if the EpiPen had been classified as a "branded" drug.

Mylan had disclosed in July that it had reached an agreement-in-principle with the SEC on the matter. The company said in a statement Friday that it neither admits nor denies the SEC's allegations.