Abbott to settle AIDS drug suit
Drug company Abbott Laboratories said it would pay $10 million to $27.5 million to settle an antitrust lawsuit filed by AIDS patients over the company’s 400% price hike for Norvir, a key component in drug “cocktails” used to treat the disease.
The class-action lawsuit was set for trial in federal court in Oakland next month. The company had faced having to pay as much as $1 billion in damages if the judge found that Abbott hiked the price of the drug to stifle competition. A federal judge still has to approve the settlement.
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