Teva Pharmaceutical will pay $1.2 billion to settle US antitrust charges in a long-running “pay for delay” case involving Cephalon, which Teva acquired in 2012, the Federal Trade Commission says.
Israel-based Teva, the world’s largest generic drug manufacturer, agrees to make the money available to compensate buyers, including drug wholesalers, pharmacies and insurers, who overpaid for Cephalon’s blockbuster sleep-disorder drug Provigil because of that company’s illegal conduct.
Under the settlement, Teva also agrees to a prohibition in all of its US operations on the type of anticompetitive patent settlements that Cephalon used to artificially inflate the price of Provigil, according to the FTC.
The Jerusalem office of the Israeli drug company Teva Pharmaceuticals (photo credit: Yonatan Sindel/Flash90)
The settlement stems from a 2008 FTC lawsuit against Cephalon alleging that the company unlawfully protected its monopoly on prescription drug Provigil from competition through so called “reverse-payment” deals with four generic drugmakers in 2005-2006.
— AFP
Help us report truthfully on social media
As a multimedia journalist, my job is to take the quality, fact-based journalism produced by The Times of Israel newsroom and make it accessible across every platform — from Instagram posts to podcasts to short-form videos.
This is how many, especially young people, consume news these days. But misinformation is rampant on social media. Our team at ToI produces accurate, responsible short-form reporting on Israel and the Jewish world.
If you believe in the importance of factual social media journalism, please consider joining our reader support group, The Times of Israel Community. Your financial support is essential to sustain responsible multimedia reporting.
We’re really pleased that you’ve read X Times of Israel articles in the past month.
That’s why we started the Times of Israel - to provide discerning readers like you with must-read coverage of Israel and the Jewish world.
So now we have a request. Unlike other news outlets, we haven’t put up a paywall. But as the journalism we do is costly, we invite readers for whom The Times of Israel has become important to help support our work by joining The Times of Israel Community.
For as little as $6 a month you can help support our quality journalism while enjoying The Times of Israel AD-FREE, as well as accessing exclusive content available only to Times of Israel Community members.
Thank you, David Horovitz, Founding Editor of The Times of Israel
From the Liveblog of
Thursday, May 28, 2015
Add ToI as a Preferred Source on Google
