Heritage Pharmaceuticals

About Heritage Pharmaceuticals

Heritage Pharmaceuticals Inc., now operating as Avet Pharmaceuticals Inc. , is a specialty pharmaceutical company focused on the generic drug market in the United States. Founded in 2006 by patent attorney Jeffrey Glazer, the New Jersey-based company was established to acquire, license, develop, and commercialize generic and legacy branded pharmaceutical products. In April 2011, it was acquired by Emcure Pharmaceuticals, an Indian multinational pharmaceutical company, and served as Emcure's exclusive commercial footprint in the U.S.

The company's business model centers on providing affordable healthcare solutions by marketing a broad portfolio of generic drugs. This portfolio encompasses various therapeutic areas, including oncology, cardiovascular health, metabolic diseases, anti-infectives, and pain management. Heritage serves a wide range of clients, such as national chain pharmacies, wholesalers, distributors, hospitals, and managed care providers. Revenue is generated through the sale and distribution of these pharmaceutical products. The company pursues both widely used, established products and niche, high-barrier-to-entry drugs with limited competition. An integrated global supply network, leveraging FDA-approved manufacturing facilities in North America and Asia, allows for economies of scale and efficient market distribution.

The company's history includes significant legal challenges. In 2016, Heritage became embroiled in a major price-fixing scandal. The U.S. Department of Justice brought criminal charges against former CEO Jeffrey Glazer and former Vice President of Commercial Operations Jason Malek for conspiring to fix prices of an antibiotic, doxycycline, and a diabetes drug, glyburide. The company terminated both executives in August 2016 and filed a civil suit against them for allegedly defrauding the company. Subsequently, Heritage entered into a deferred prosecution agreement with the Department of Justice in 2019, admitting to its role in the glyburide price-fixing conspiracy and paying a fine. This agreement concluded in 2022. More recently, in 2024 and early 2025, the company, along with its parent Emcure, agreed to multi-million dollar settlements to resolve widespread allegations of price-fixing brought by numerous states and other plaintiffs, without admitting liability.