Teva Pharmaceutical Industries, Endo Pharmaceuticals, and Teikoku Pharma entered into settlements with California totaling nearly $70 million over inter-company agreements that kept more affordable drugs off the market, California Attorney General Xavier Becerra announced July 29.

The settlements address so-called “pay-for-delay” agreements—deals in which brand name drugmakers pay generic companies to keep a lower-cost product off the market, thus maintaining a monopoly and high prices after an original drug patent expires.

“These aren’t purchases people can skip for a month when they don’t fit into their budget, so we have to do what we can to make sure people have...