Pfizer agrees to pay $ 345 million to resolve EpiPen lawsuit

Pfizer’s EpiPens may have cost consumers $ 600, but it’s now costing the drugmaker a lot more.

Pfizer agreed to pay $ 345 million to resolve claims from consumers who claimed they overpaid for the device that treats allergic reactions. The lawsuit accused the maker of the emergency drug, Pfizer, and the company that markets it, Mylan, of engaging in anti-competitive behavior that allowed them to maintain a monopoly in the market for these portable devices.

The proposed class action settlement comes five years after Mylan sparked public outrage over the high cost of drugs. The drugmaker increased the price of a pair of EpiPens to $ 600 in 2016, from $ 100 in 2008.

Pfizer did not admit any wrongdoing. The company did not immediately respond to a request for comment.

Pfizer’s deal, which requires a judge’s approval, is less than the $ 465 million Mylan agreed to pay in 2017 to resolve Justice Department claims that he overcharged the government for the EpiPen.

Pfizer shares fell in early trading on Friday.