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Omnicare in $124 million settlement over alleged kickbacks

WASHINGTON (Reuters) - Omnicare Inc will pay $124 million to resolve allegations that it paid kickbacks to secure contracts to supply drugs to nursing homes with Medicare and Medicaid patients, the U.S. Justice Department said on Wednesday.

The company entered below-cost contracts to supply medications to induce the facilities to select Omnicare as their pharmacy provider, the agency said.

Omnicare, which disclosed its agreement to settle the investigation last October, denied any wrongdoing and said the settlement was not an admission of liability.

"Omnicare is committed to ensuring that it remains in strict compliance with all applicable laws, regulations and standards in each of the markets and jurisdictions in which it operates," it said in a statement.

(Reporting by Aruna Viswanatha; Editing by Doina Chiacu)

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