Forest to pay more than $313M to resolve charges

Forest Laboratories Inc. (NYSE:FRX) agreed to pay more than $313 million to settle criminal and civil charges that it sold an unapproved hypothyroidism drug, improperly promoted antidepressants and obstructed an FDA investigation. Forest will plead guilty to distributing an unapproved drug, Levothroid levothyroxine, from 2001-03 after FDA established that products containing levothyroxine sodium required NDA registration. The company also will plead guilty to distribution of a misbranded drug for its off-label promotion of depression drug Celexa citalopram in pediatric populations from 1998-2002. Additionally, Forest will plead guilty to a charge of obstructing an agency proceeding, relating to false statements made by employees during a 2003 FDA inspection. The settlement and guilty pleas are subject to approval by the U.S. District Court for the District of Massachusetts. ...