Novartis To Pay $25M To Settle International Bribery Claims In SEC Action
(March 25, 2016, 2:24 PM EDT) -- WASHINGTON, D.C. — Pharmaceutical company Novartis AG will pay $25 million to settle claims that it violated provisions of the Foreign Corrupt Practices Act (FCPA) by engaging in “pay-to-prescribe” scheme to increase sales of its products in China, according to a Securities and Exchange Commission administrative proceeding order filed March 23 (In the Matter of Novartis AG, No. 3-17177, SEC).
(Order available. Document #57-160418-023R.)
Under the terms of the cease-and-desist order, Novartis agrees to pay $21.5 million in disgorgement, plus $1.5 million in prejudgment interest and...