US DOJ drops Viatris unit Mylan from industry-wide antitrust probe
Adds background in paragraphs 2,5 and 6, updates share movement
July 2 (Reuters) -Viatris VTRS.O unit Mylanis no longer a subject of the U.S. Department of Justice's antitrust investigation into alleged price fixing in the generic drug industry, the parent company said on Tuesday.
Mylan and several major drugmakers such as Israel's Teva Pharmaceutical Industries TEVA.TA and India's Sun Pharmaceutical Industries SUN.NS have been under the DOJ's scanner formore than eight years over alleged anticompetitive business practices in fixing prices of certain generic drugs.
Multiple states have also filed lawsuits against those companies for alleged antitrust behavior.
Formed by the merger of Mylan and Pfizer's Upjohn business in 2020, Viatris makes generic and branded drugs including erectiledysfunction treatmentViagra.
The investigation against Mylan was related to the pricing and marketing of its generic doxycycline antibiotic that isused to treat bacterial infections such as acne, pneumonia, lyme disease, chlamydia and syphilis.
There are many forms of doxycyline made by more than a dozen companies, according to the U.S. Food and Drug Administration's database.
The DOJ has informed Viatris that it does not expect to take any further actions related to the pricing and sales of its generic drugs, the drugmaker said.
The statement from Viatris did not mention why Mylan was dropped from the probe.
The company saidit would continue to defend itself against the remaining civil lawsuits related to the matter.
Shares of Pennsylvania-based Viatris were up 1%in premarket trading.
Reporting by Christy Santhosh; Editing by Shilpi Majumdar and Devika Syamnath
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.
