Further investigation against Teva – Global

Pharmaceutical Company, Teva

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(NYSE: TEVA) fails to raise its head, and rather it would have seemed that the old company is paving its new path, it is getting involved in another affair. The EU Antitrust Authority has announced that it has launched a formal investigation against the company, and will examine whether Teva has acted in an anti-competitive manner with regard to Copaxone.

Copaxone, is prescribed to treat multiple sclerosis, and is responsible for the bulk of Teva’s revenue. A few years ago the patent expired, and since then the generic market has begun to take over the flagship drug. As part of Teva’s war on imitation drugs, it has been indicted without a number of cases including a class – action lawsuit and a U.S. Department of Justice investigation.

About a year ago, the EU began examining the issue of non-competition, and is now announcing the opening of a formal investigation. The union claims that in 2015 the patent expired and since then Teva has tried to artificially withdraw the length of its life. Teva is accused of blocking competitors and generics entering the world of Compaxon, thus causing prices to fall.

“We do not believe that Teva has adopted anti-competitive conduct in its dealings with Compaxon,” said the company, which is expected to be fined about $ 1.5 billion. Revenue from the drug in 2020 totaled $ 1.34 billion, and is expected to drop to about $ 1 billion in 2021 (for full reports).

South Korea no longer likes Teva stock. The South Korean National Pension Fund, which manages $ 730 billion, almost liquidated its position in the Israeli pharma company, dropping 1.65%. According to the fund’s report, it sold 1.4 million shares and was left with close to 294,000 shares. (To the full article).