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NEW YORK - Specialty pharmaceutical comnpany Biovail Corp. Friday said it reached a settlement with the Justice Department in regard to a criminal investigation regarding the launch of the blood pressure medication Cardizem LA.
| BVF | 10.68 |  -0.11 |
Under the terms of the agreement, Biovail will pay the DOJ $24.6 million to settle a probe regarding promotional and marketing activities regarding the 2003 launch of the drug.
The Canadian drug maker will also plead guilty to charges it offered payments to induce Cardizem purchases. In return, criminal liability against Biovail is canceled.
The deal is still subject to approval at a court hearing that will take place sometime between July 31 and Sept. 15, 2008.
Shares of Biovail were down 6 cents to $12.66 in afternoon trading.
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