Press Release: 8/5/2026

AG's Office Reaches $400 Million Multistate Settlement in Principle with Sandoz Over Conspiracy to Inflate Prices and Limit Competition

 

Settlement Will Result in Approximately $469 Million in Total Payments by Sandoz to State Enforcers 

FOR IMMEDIATE RELEASE:

8/04/2026

 

BOSTON — Massachusetts Attorney General Andrea Joy Campbell today joined a bipartisan coalition of 43 states and territories announcing a $400 million settlement in principle with Sandoz Inc. to resolve allegations that the generic drug manufacturer engaged in widespread, long-running conspiracies to artificially inflate and manipulate prices, reduce competition, and unreasonably restrain trade for numerous generic prescription drugs. Massachusetts' share of the settlement will be determined once the settlement is finalized.

If finalized and approved by the court, Sandoz Inc. will pay a total of approximately $469 million to settle the claims brought by the coalition, including payments made under prior settlements with other states. The settlement will also resolve allegations that Sandoz Inc.’s current and former international affiliates - Novartis AG, Sandoz AG, and Sandoz Group AG - participated in the alleged anticompetitive conduct and fraudulently transferred assets in order to avoid liability. 

As part of the settlement in principle, Sandoz has agreed to meaningful injunctive terms including a series of internal reforms to ensure fair competition and compliance with antitrust laws.  This settlement is contingent upon obtaining signatures from all necessary states and territories and comes as the States prepare for trial against remaining defendants. 

The States have also secured settlements in the same litigation with Glenmark, Lannett, Bausch, Apotex, and Heritage totaling approximately $96.5 million. 

AG Campbell has joined a bipartisan coalition of nearly every state and territory in a series of antitrust cases against generic drug manufacturers. The first complaint was filed in 2016. Across four complaints, the coalition has alleged that numerous pharmaceutical companies and senior executives conspired to inflate prices, allocate markets, reduce competition, and restrain trade for generic prescription drugs. The most recent complaint, filed earlier this year, also alleges that Novartis AG, Sandoz AG, and Sandoz Group AG fraudulently transferred assets to avoid liability.

The coalition’s cases are supported by extensive evidence gathered during years of investigation, including testimony and cooperation from multiple former pharmaceutical executives, more than 20 million documents, and millions of phone records involving hundreds of sales and pricing professionals across the generic drug industry. 

According to the complaints, competing executives coordinated through industry meetings, social gatherings, phone calls, emails, and text messages to reach illegal agreements on pricing and market allocation. The complaints allege defendants used phrases such as “fair share,” “playing nice in the sandbox,” and “responsible competitor” to reinforce their agreements and discourage competition. Among the evidence is a two-volume notebook containing contemporaneous notes from a cooperating witness documenting discussions with competitors and internal company meetings over several years.

In Massachusetts, this matter is being handled by Chief Anthony Mariano and Deputy Chief Jennifer Greaney of the AGO’s Antitrust Division.

AG Campbell is joined in securing this settlement in principle by the attorneys general of  Alaska, Arizona, California, Colorado, Connecticut, Delaware, the District of Columbia, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Maine, Maryland, Michigan, Minnesota, Mississippi, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Northern Mariana Islands, Ohio, Oklahoma, Oregon, Pennsylvania, Puerto Rico, Rhode Island, South Dakota, Tennessee, U.S. Virgin Islands, Vermont, Virginia, Washington, West Virginia, Wisconsin, and Wyoming. 

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