Baxter Pharmaceutical’s stock is down as much as 13% this week, with shares of the company down more than 13% over the past year.
Shares of Baxter fell about 11% after the company announced that it would pay a $10 billion settlement to U.S. regulators over allegations that it misled regulators about its safety and effectiveness.
The company said it would share its full agreement with regulators, but the company said the agreement was subject to approval by a federal judge in New York.
The agreement includes an agreement to sell Baxter stock in a public offering and requires Baxter to report to regulators on its plans to address the risks posed by its drug products.
The U.K.-based company also said it was withdrawing from a joint venture agreement with the pharmaceutical company Amgen and was planning to buy back its shares in a separate transaction.
The $10,000 settlement with the Securities and Exchange Commission on Tuesday was the largest such settlement for any pharmaceutical company.
In April, U.N. investigators announced that Baxter Pharmaceutical was the biggest pharma company to fail to provide adequate information on the safety and efficacy of its products.
The investigation, conducted by the U.KS.-based Organisation for Economic Co-operation and Development, also found that Baxter’s drug products had been linked to multiple deaths and other serious problems.
Baxter said that the settlement is not the result of any wrongdoing by the company.
The company said that it had already complied with all the U and UK authorities’ investigations and will continue to cooperate fully with the authorities.
Bardex Pharmaceuticals, which was acquired by Baxter in 2012, will pay $1.7 billion to settle allegations of marketing misleading claims.
The settlement, which will be made in a civil case in London, comes as a result of a criminal investigation by the United Kingdom’s Financial Conduct Authority into Bardex’s drug marketing activities.
The FCA said that Bardex failed to comply with its duty to disclose information relevant to its product offerings, including its adverse event reporting requirements, and that it breached its obligation to provide information to the regulator.
Basset Pharmaceuticals will pay an additional $1 billion to resolve an allegation that it did not comply with disclosure requirements.
The companies’ shares were down about 6% to $16.50 at 1:40 p.m. in New Orleans.