Pfizer To Pay $60 Million To Settle Bribery Allegations

Drug giant Pfizer will have to squirt out $60 million in order to settle allegations from the feds that it bribed foreign companies, violating the Foreign Corrupt Practices Act, which forbids companies from making deals by paying off foreign officials.

The Wall Street Journal (subscription required) reports Pfizer was one of several drug companies targeted in the investigation, which is said to be spurring companies into starting compliance programs that ensure they won’t violate the law.

The WSJ’s sources say that negotiations aren’t yet final, so the number could change before Pfizer decides to pay up. In a Nov. 10 regulatory filing, Pfizer came as close as possible to admitting guilt, noting that it had reached a settlement with the Department of Justice and Securities and Exchange Commission for “potentially improper payments.”

Pfizer Near Settlement on Bribery [The Wall Street Journal (subscription required)]