U.S. Senator Bernie Sanders (I-VT) and Representative Elijah Cummings (D-MD – 7th district) have launched an investigation targeting Teva Pharmaceutical Industries (TEVA -8%), Mylan N.V. (MYL -7.8%) and Heritage Pharmaceuticals for allegedly obstructing a Congressional inquiry into their pricing practices for generic drugs.
The two lawmakers say that the companies have yet to produce any of the documents requested in 2014 despite repeated prompting.
Apparently, one company representative emailed that the “consensus at this point is that the responses will be polite f-u letters.”
In May, 44 states filed suit against the three firms, and others, accusing them of colluding to maintain high generic drug prices. Heritage has already agreed to pay more than $7M to settle criminal and civil price-fixing allegations.
Selected generic drug-related tickers (not necessarily connected to the probe): Perrigo (PRGO -3%), Akorn (AKRX -4.6%), Lannett Company (LCI-6.6%), ANI Pharmaceuticals (ANIP -5.1%), Mallinckrodt (MNK -4%), Dr. Reddy’s Laboratories (RDY -1.7%), Amneal Pharmaceuticals (AMRX -8.4%), Endo International (ENDP -6.3%)
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.