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There were allegations that Bausch Health Cos Inc. (BHC), ASRT, and Lupin Pharmaceuticals conspired to purchase Bausch’s type 2 diabetes drug, Glumetza, to suppress generic competition through an illegal patent settlement. The company settled the Glumetza antitrust litigation for $7.0 million, which was paid in the third quarter, and includes a $3.85 million class settlement subject to court approval.
The stock gained 37.2% in price after the company reported its third-quarter earnings, beating the consensus estimate. ASRT’s net income came in at $3.74 million, reflecting a 135.5% increase year-over-year, while its EPS increased 122.9% year-over-year to $0.08 versus the negative $0.04 consensus estimate. But the company’s total revenues declined 26.3% from its prior-year quarter to $25.47 million.
