Law360, New York (April 7, 2016, 10:21 AM EDT) -- Gary F. Giampetruzzi
S. Joy Dowdle
Jena A. Sold In yet another resolution in life sciences, the U.S. Securities and Exchange Commission announced its settlement with Novartis AG, resolving allegations that two China-based Novartis subsidiaries violated the Foreign Corrupt Practices Act by providing gifts, cash payments and entertainment to health care professionals (HCPs) and engaging in "pay-to-prescribe schemes to increase sales" — conduct Novartis neither admits nor denies in the March 23, 2016, cease-and-desist order. Under the resolution, available here, Novartis will pay $25 million and engage in a two-year self-monitorship to resolve the alleged improper activity and related books and records...
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