News & Trends - Pharmaceuticals
Celgene backs out of $55M class action settlement
Celgene has backed out of a $55 million settlement with patients and payers over allegations it illegally blocked competition to multiple myeloma medications Thalomid (thalidomide) and Revlimid (lenalidomide).
Celgene, now part of Bristol-Myers Squibb, originally agreed to the deal in July and backed out on December 2019. With the decision, the company will go back to fighting claims from thousands of patients and payers, who allege billions in damages.
When the sides agreed to the $55 million deal, the agreement included the option for Celgene to back out if certain plaintiffs didn’t opt in. More than 8,000 patients and 800 payers opted in to the original settlement. But almost 100 plaintiffs opted out in order to bring their own lawsuits, and Celgene rescinded the agreement based on those opt-outs.
The case is based on allegations that Celgene refused to sell samples of Thalomid and Revlimid to deter potential generic development and restricted the distribution of Thalomid’s active ingredient. Additionally, the company allegedly filed sham patent challenges as another way to block competition.
Register FREE to receive the latest news, innovations and insights from Health Industry Hub; the only one-stop-hub connecting Australia’s Pharma, MedTech and Biotech industry professionals and its key stakeholders.
A BMS spokesperson said Celgene “exercised its right to terminate the settlement in light of the fact that numerous large third party payors who were members of the settlement class refused to release their potential claims and participate in the settlement.”
One week after last year’s $55 million settlement, Celgene inked a $62 million settlement with Mylan over similar allegations.
Revlimid (lenalidomide) is among the world’s best-selling medicines and was a key part of Bristol-Myers’ $74 billion buyout offer.
Build thought leadership, differentiate your organisation and let us help you connect with the Australian Pharma, MedTech and Biotech industry professionals. Health Industry Hub offers unique media solutions to vendors and suppliers servicing the industry. Contact us.
Digital & Innovation
Health Minister blasts decade of digital neglect in healthcare
Minister for Health and Aged Care, Mark Butler, has laid out the government’s plans for a digital overhaul of the […]
MoreNews & Trends - Pharmaceuticals
Novartis challenges hospitals over copycat cancer treatment, fuelling debate on access
Pharma News: Novartis is urging Australian hospitals to halt the production of copycat alternatives to its radioligand therapy, Pluvicto. The […]
MoreNews & Trends - MedTech & Diagnostics
A boost to the nation’s medtech footprint with strategic US partnership
MedTech & Diagnostics News: Minnesota has been a centre of health innovation for decades. The state houses the #1 hospital […]
MoreNews & Trends - Pharmaceuticals
Calls grow to address glaring gaps in cancer-induced menopause: World Menopause Day
Marking World Menopause Day on October 18, several organisations are drawing attention to the urgent need for enhanced support and […]
More