|Novo Nordisk Reaches Agreement with Justice Department|
|By BioMedReports.com Staff|
|Friday, 10 June 2011 19:19|
Novo Nordisk A/S (NYSE:NVO) announced that it has reached an agreement with the United States Department of Justice and two individuals to settle an investigation and civil lawsuit related to the alleged improper marketing practices in the United States regarding NovoSeven on June 10, 2011.
The Company disclosed this investigation on February 2, 2010 in its 2009 financial statement. Under the agreement, Novo Nordisk A/S will pay $25 million to the settling parties.
The complaint asserts that the Company's United States affiliate, Novo Nordisk Inc. (NNI), improperly promoted NovoSeven for unapproved indications. In addition to the financial settlement, NNI has entered into a five-year Corporate Integrity Agreement with the Office of the Inspector General of the United States Department of Health and Human Services.
Under that agreement, NNI will add additional reporting and other procedures to its compliance program. NNI has also settled a previously disclosed investigation with the office of the United States Attorney for the Eastern District of New York and one individual.
In December 2005, Novo Nordisk A/S was issued a subpoena calling for the production of documents relating to its United States marketing and promotional practices related to its insulin products. This settlement agreement involves a payment from NNI of $1.7 million.
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