Schering-Plough pleads guilty to conspiracy

Schering-Plough Corp. said Tuesday it has agreed to pay $435 million and will plead guilty to conspiracy to settle a federal investigation into its drug sales and marketing practices and its clinical trial programs.

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New Jersey-based Schering-Plough said it will pay $255 million to resolve civil aspects of the previously disclosed investigation. A subsidiary, Schering Sales Corp., will pay a criminal fine of $180 million and plead guilty to one count of conspiracy under the agreement, which is subject to court approval.

Schering-Plough said the settlement resolves an investigation by the U.S. Department of Justice and the U.S. Attorney's Office in Boston that began before a new management team took over at the company in April 2003.

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Schering-Plough said it had adequate cash in a litigation reserve to cover the settlement costs.

As part of the settlement, the drugmaker also said it would add a section to an existing corporate integrity agreement it has with the Office of Inspector General of the U.S. Department of Health and Human Services.