8th May 2025 09:08
(Alliance News) - Hikma Pharmaceuticals PLC on Thursday announced it has reached a settlement deal for up to USD50 million in cash for litigation brought against the firm in relation to its narcolepsy treatment Xyrem.
The London-based pharmaceutical group, alongside wholly-owned subsidiary Hikma Pharmaceuticals USA Inc, said the agreement resolved the majority of class action antitrust lawsuits brought against the company by third-party payors in the US who have purchased or been billed for Xyrem, or sodium oxybate.
Hikma noted that the settlement was not an admission of wrongdoing or liability, and said it would continue to defend itself "vigorously" against any litigation not resolved by this settlement.
"We are pleased to have reached a settlement agreement that protects the company's interests and provides clarity to our stakeholders," said Sam Park, Hikma's general counsel.
"We are proud to have facilitated patients' access to a lower-cost authorised generic version of this essential medicine, years ahead of its patent expiration."
Shares in Hikma Pharmaceuticals were down 0.1% at 2,002.00 pence each in London on Thursday morning. The stock has risen 1.5% over the past year.
By Emily Parsons, Alliance News reporter
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