European Union regulators fine Israeli drug-maker Teva on Thursday for colluding to delay a cheaper generic version of modafinil, a blockbuster sleep disorder drug.
The European Commission says Teva was in breach of EU antitrust rules after it effectively agreed with drug-maker Cephalon, a company it now owns, to keep the cheaper drug off of the market.
Teva and Cephalon were fined a combined 60.5 million euros ($72 million), but the company can appeal this through the European courts.
The EU launched the case in 2011 and pressed charges in July 2017.
The logo for Teva on the floor of the New York Stock Exchange, Oct. 21, 2019. (AP Photo/Richard Drew)
Under the alleged agreement, Teva committed not to market a cheaper generic version of modafinil, Cephalon’s drug for sleep disorders, the EU says.
EU Competition Commissioner Margrethe Vestager says Teva’s “pay-for-delay” agreement “harmed patients and national health systems, depriving them of more affordable medicines.”
— AFP
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