New Jersey-based Celgene will pay $55 million to resolve a class-action suit that accused the drugmaker of blocking generic competition in the cancer market at the expense of patients.
The lawsuit claimed that Celgene's monopolization of the market for two lifesaving cancer drugs has cost cancer patients millions of dollars.
The suit centered on the increasing prices of Revlimid and Thalomid, used to treat multiple myeloma, a cancer that forms in the blood.
Plaintiffs argued that the prices of the two drugs were higher than they would've been in a competitive market.
"I hope this settlement brings some financial relief to the individuals and families who need it, and serves as a warning to other corporate CEOs not to put profits over patients in the way that [Former Celgene CEO] Bob Hugin did for so long," Sen. Bob Menendez (D-N.J.), told The New Jersey Globe.
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