C.R. Bard closes federal cancer treatment beef for $51M

May 13, 2013 by Brad Perriello

C.R. Bard closes the deal it made last year with federal authorities to settle a probe into its brachytherapy cancer treatment business in return for a $51 million payment.

C.R. Bard closes federal cancer treatment beef for $51M

C.R. Bard (NYSE:BCR) said it closed a deal reached last year with federal prosecutors to settle a probe into its brachytherapy business with a $51 million payment.

The U.S. Health & Human Services Dept. subpoenaed Murray Hills, N.J.-based Bard in November 2006 over the cancer treatment business, under the False Claims Act and federal healthcare fraud statutes, according to regulatory filings.

In January 2012 Bard said it reached a preliminary agreement on the $51 million settlement, noting that it had already recorded a $51 million charge on its 4th-quarter 2011 books.

Sign up to get our free newsletters delivered right to your inbox.

Today the medical device company said the settlement is final, according to the filings.

Last month Bard said $26 million in costs stemming from another legal issue, the recall of its transvaginal mesh products, pushed its 1st-quarter profits down nearly 35%.

Comments