DUSA Resolves Investigation Related to Promotion of Actinic Keratosis Drug

DUSA Pharmaceuticals, Inc., ("DUSA"), a wholly owned subsidiary of Sun Pharmaceutical Industries, Inc. ("SPII") today announced that it has reached a resolution with the United States Department of Justice (DOJ) concerning the promotion of LEVULAN® KERASTICK® (aminolevulinic acid HCL) and BLU-U®.

DUSA fully cooperated with DOJ in its investigation of a complaint filed by a former employee in September 2016.

Under the civil settlement agreements signed with the DOJ, DUSA will pay US$20.75 million to resolve allegations related to the promotion of LEVULAN® KERASTICK® and BLU-U ®. DUSA had already made a provision towards this in its Q4 financials for the year ended March 31, 2020. The settlement does not constitute any admission by DUSA of any liability or wrongdoing.

As part of the resolution, DUSA and SPII have entered into a corporate integrity agreement with the Office of Inspector General of the U.S. Department of Health and Human Services. This agreement supplements SPII's existing compliance program, which is based upon established best practices and industry standards as well as the company's global code of conduct, which can be found here. Under the settlement agreement, the DOJ has agreed not to bring any action seeking to exclude DUSA or SPII from participating in Federal health care programs.

In a separate agreement, DUSA also fully resolved all allegations made by the former employee.

Shares of SUN PHARMACEUTICAL INDUSTRIES LTD. was last trading in BSE at Rs.533.45 as compared to the previous close of Rs. 532.7. The total number of shares traded during the day was 166283 in over 4465 trades.

The stock hit an intraday high of Rs. 538.15 and intraday low of 527.9. The net turnover during the day was Rs. 88404594.

Source : Equity Bulls

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