SciClone Pharmaceuticals announced it has entered into a $12.8 million settlement with the Securities and Exchange Commission to resolve an investigation of potential violations of the Foreign Corrupt Practices Act with respect to its China operations.
As Compliance Week previously reported, this payment is in line with the charges that SciClone previously recorded and disclosed in its Form 10-Q filed with the SEC in August 2015. As part of the agreement, the Company neither admits nor denies it engaged in any wrongdoing.
SciClone said that the Department of Justice has also completed its related investigation and has declined to pursue any action. SciClone’s Chief Executive Officer Friedhelm Blobel said the company is “very pleased to have reached a final settlement.”
“We believe that we have established an industry-leading compliance program, including a commitment to constant improvement, which is a key business asset,” Blobel added.