Ranbaxy Gains 1% Following Settlement Of Litigation

Shares of Ranbaxy Laboratories increased 1% today following settlement of the litigation regarding its participation in the Texas Medicaid Program.

As per the settlement agreement, Ranbaxy will pay $39.75 million to Texas by August 2015.

The claims are regarding how Ranbaxy reported pricing data to Texas Medicaid for some of its drugs. Ranbaxy says it fully complied with all the laws, but it settled the matter to “avoid any further distraction and uncertainty of continued litigation with the State of Texas.”