Teva pays $1.2 billion to settle pay-for-delay allegations [View all]
Source: AP
WASHINGTON (AP) — Federal regulators say Teva Pharmaceuticals Industries will pay $1.2 billion to settle charges that one of its subsidiaries illegally blocked the launch of generic versions of the blockbuster sleeping pill Provigil.
The settlement announced Thursday is a major victory in the government's campaign against a common drug industry practice known as "pay-for-delay" deals. Drugmakers have long maintained the deals help resolve costly patent litigation between branded drugmakers and their generic counterparts. But Federal Trade Commission officials say the agreements keep cheaper forms of medicines off the market, driving up costs for consumers.
The FTC settlement stems from charges brought in 2008 against Cephalon Inc., which was acquired by Teva in 2012. The FTC alleged that Cephalon paid four generic firms over $300 million to delay launching their drugs until 2012.
Read more: http://bigstory.ap.org/article/0e7a9ceff1cb4313b260bad87d6e9797/teva-pays-12-billion-settle-pay-delay-allegations
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