Biotech giant, Amgen has pleaded guilty in a New York federal court to improper marketing practices involving Aranesp anemia drug.

The world's largest biotechnology company has agreed to pay $762 million to meet civil settlement and criminal fines. The company had already set aside the funds it believed it would have to pay to settle claims arising from federal and state investigations along with civil lawsuits in the country.

Federal prosecutors pointed out that the company will pay $612 million in a civil settlement, a $14 million criminal forfeiture payment, and a $136 million criminal fine. Acting U. S. attorney Marshall Miller said that the company will not lose any federal business or contracts.

There were concerns that the company's business would have been seriously affected if it was excluded from federal programs such as Medicare. As part of the settlement, the company will enter into a five-year corporate integrity agreement with the Office of Inspector General of the U. S. Department of Health and Human Services

The executives and members of its board of the company will have to ensure compliance with regulations, institute new transparency measures and make corporate officers ready for checking compliance failures during the coming five years.