Under the agreement, Sandoz is resolving all damages claims without admitting to any wrongdoing in the case brought in the US state of Pennsylvania.

“Under the terms of the agreement, Sandoz US will pay US$265 million in exchange for a full release of all claims asserted against it in the direct purchaser class action by the settlement class members,” the company said in a statement, adding that the payment would be incorporated into 2023 results.

Sandoz became an independent company in October 2023, following the spinoff from Novartis.

“As a new public company, this settlement underscores the Sandoz commitment to integrity and sound governance, and is an encouraging step toward putting allegations of legacy conduct behind us”, it said in its statement.

In a separate case in 2020, Sandoz had agreed to pay US$195 million to avoid trial in the US on charges it conspired to fix prices of generic drugs.