Bausch Pays $300M For Diabetes Drug Lawsuit: Reuters

Reuters reports that Bausch Health Companies Inc BHC will pay $300 million to settle an antitrust lawsuit related to illegally maintaining a monopoly on diabetes drug Glumetza.
The FDA first approved Glumetza, a once-daily extended-release version of metformin, owned by Depomed, now known as Assertio Holdings Inc ASRT, and Santarus, which Bausch later acquired.
Lupin Pharmaceuticals created its generic version of Glumetza, set to launch in late 2012. The lawsuit alleged that Assertio and Santarus used a "pay-for-delay" deal with Lupin, pushing its market entry back until 2016.
According to the lawsuit, the resulting monopoly allowed Bausch to the price for Glumetza by nearly 800% in 2015, jumping from $5.72 per tablet to $51 just a few months later.
Price Action: BHC shares are down 0.35% at $28.51 during the market session on the last check Friday.