Money: Reckitt to pay $1.4 billion to end Indivior probe - PressFrom - United Kingdom
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MoneyReckitt to pay $1.4 billion to end Indivior probe

13:30  11 july  2019
13:30  11 july  2019 Source:   reuters.com

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Reckitt to pay $1.4 billion to end Indivior probe © Reuters/Stephen Hird FILE PHOTO: Products produced by Reckitt Benckiser; Vanish, Finish, Dettol and Harpic are seen in London
(Reuters) - Britain's Reckitt Benckiser will pay up to $1.4 billion (£1.2bn) to resolve all U.S. federal investigations into the sales and marketing of an opioid addiction treatment by its former prescription pharmaceuticals business Indivior .

The settlement means the British consumer goods giant will have to raise the amount of money it has set aside to cover the cost of the investigations to $1.5 billion (£1.2bn), from an earlier provision of $400 million (£319m) , the company said on Thursday.

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Reckitt got the demerger away before the competition struck. On Wednesday, litigation risk became a stark reality, hitting Indivior and its former parent hard. As analysts at Jefferies point out, the market is worried about any spillover to Reckitt 's U.S. infant formula business – its billion acquisition of

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Reckitt Benckiser (RB) said it had reached agreements with the U.S. Department of Justice (DOJ) and the Federal Trade Commission (FTC) to resolve the investigation into a business that was wholly demerged from the company in 2014.

The U.S. Justice Department had accused Indivior of illegally boosting prescriptions for the opioid addiction treatment, called Suboxone Film.

Separately on Thursday, Indivior raised its full-year profit and revenue guidance after Suboxone lost market share at a lower pace than expected, bolstering its first-half performance.

"While RB has acted lawfully at all times and expressly denies all allegations that it engaged in any wrongful conduct, after careful consideration, the board of RB determined that the agreement is in the best interests of the company and its shareholders," the company said in a statement.

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Indivior , a Reckitt spinoff that manufactures drugs to treat opioid addiction, is accused of using fraudulent methods to increase sales. The Justice Department is seeking at least billion and control of other property from Indivior . The drug-maker, which became a standalone business in 2014

(Reuters) - British drugmaker Indivior Plc lost nearly three-quarters of its share value on Wednesday and former parent Reckitt Benckiser also fell following U.S. criminal charges accusing Indivior of illegally increasing prescriptions for its opioid addiction treatment Suboxone. In an indictment in

It said the agreement avoided the costs, uncertainty and distraction associated with continued investigations, litigation and the potential for an indictment at a time of significant change for the company, which is undergoing a restructuring plan and handing over to a new chief executive.

"$1.4bn (£1.2bn) is materially larger than the $400m (£319m) RB had previously provisioned and represents c2% of its market cap. On the other hand this settlement removes some uncertainty from the investment case," Credit Suisse analyst Alan Erskine said.

Last month, RB picked PepsiCo executive Laxman Narasimhan as its next CEO, becoming the latest industry heavyweight to turn to a company outsider to tackle faltering growth and new media-savvy rivals.

RB's outgoing boss Rakesh Kapoor launched a plan to split the group into two business units – one for health and one for hygiene and home products - under the same parent company.

RB said the settlement would be funded through existing borrowing facilities and cash generation.

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