Teva fined $503 mln by EU for disparaging rival product
BRUSSELS, Oct 31 (Reuters) -The European Commission has fined Teva TEVA.TA, the world's largest generic drugmaker, 462.6 million euros ($503 million) for abusing its dominant position to delay competition to its blockbuster multiple sclerosis medicine Copaxone, confirming a Reuters exclusive.
The European Commission said on Thursday it had found that Teva artificially extended the patent protection of Copaxone and systematically spread misleading information about a rival product.
"Today's decision to impose an antitrust fine on Teva for disparagement and misuse of the patent system reaffirms the
Commission's commitment to competition enforcement in the pharmaceutical sector," said EU antitrust chief Margrethe Vestager.
"With today’s decision, the Commission contributes to keeping drugs affordable, preserving choice of treatment and fostering innovation, to the benefit of EU patients and national healthcare systems," she added.
($1 = 0.9197 euros)
Reporting by Sudip Kar-Gupta;
Editing by Tassilo Hummel/Foo Yun Chee
Related Assets
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
