Global Processing

Pfizer to pay $60 million to settle investigation into foreign bribes

November 21, 2011

WASHINGTON — Drugmaker Pfizer Inc. has agreed to pay more than $60 million to settle allegations that it paid bribes to foreign officials for preferential treatment of their products, Reuters reported.

In its quarterly report filed with the Securities and Exchange Commission on Nov. 10, Pfizer said it had reached agreements in principle with the SEC staff and the Justice Department, but did not reveal how much it had agreed to pay.

Johnson & Johnson agreed to pay $78 million to settle similar U.S. and UK charges earlier this year.