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Novartis to Settle SEC's China Bribe Case for $25 Million

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Novartis AG said it agreed to pay $25 million to settle a U.S. Securities and Exchange Commission case that claimed the Swiss drugmaker paid bribes to health professionals in China to increase sales from 2009 to 2013.

The SEC issued a cease-and-desist order late Wednesday saying Novartis submitted a settlement offer and the agency has accepted it. The company’s payment includes $2 million in a civil penalty and $1.47 million in interest, according to the order posted on the SEC’s website.