Canada’s Barry Sherman settles price-fixing charges with FTC

Barry Sherman, a leading pharmaceutical tycoon, has paid $100 million to settle allegations of price-fixing allegations from the U.S. Federal Trade Commission.

Sherman and his company Apotex Inc. were accused of conspiring with pharmaceutical giant Mylan NV, who the FTC said also previously settled allegations of price-fixing allegations.

Sherman was a leading Canadian investor and in charge of the Canadian operations of the pharmaceutical group. He ran Apotex for decades. He had stepped down from his day-to-day role in 2017 but remained chairman and founder of the group.

The accusations come as pharmaceutical and biotechnology companies are under scrutiny by regulators and lawmakers around the world.

The probe has suggested that their practices could be less than best practice and even criminal.

“Sherman and his company have paid the maximum allowed under U.S. law,” according to a statement on the agency’s website.

“No one is above the law and it is our duty to take action against market participants who violate federal antitrust laws,” the statement added.

U.S. authorities have brought billions of dollars in antitrust suits against pharmaceutical companies since the early 2000s.

Price-fixing scandals are not uncommon in global business. Several Chinese consumer goods companies, for example, were caught manipulating prices of toothpaste in 2014 and have now agreed to settle with U.S. and European authorities.

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