Teva Pharmaceuticals to pay Fla. $27 million settlement for alleged Medicaid fraud

Teva Pharmaceuticals and its affiliates will pay Florida $27 million for allegedly inflating medication prices costing Medicaid millions of dollars in overpayments.

Attorney General Bill McCollum, who announced the settlement Tuesday, said the state's Medicaid Fraud Control Unit will aggressively pursue such crimes.

The Agency for Health Care Administration's Medicaid program will be reimbursed $7.1 million for their loss in the alleged scam. The state's general revenue fund will get about $3.5 million from the settlement.

Teva said in an e-mail that it "denies the allegations in the complaints and believes that its conduct has been appropriate and in compliance with all governing laws and standard industry practices."