Teva: Marketing of Two Drugs Under Investigation in the U.S.
Teva Pharmaceutical Industries Ltd.’s (NYSE:TEVA) marketing and sales practices for two different generic drugs are currently under investigation by federal prosecutors in New York, according to a Bloomberg report Monday.
The two drugs under fire are the company’s multiple sclerosis drug, Copaxone, and Parkinson’s disease treatment, Azilect. The company is currently the largest generic drugmaker in the world, although it also sells brand-name medications.
In 2013, $4.33 billion of Teva’s $20.32 billion in total revenue came from Copaxone, and the drug is currently the world’s best selling multiple sclerosis medicine; Azilect brought in $371 million in revenue that year.
Copaxone, which is an injectable drug, is likely to face competition from cheaper generics beginning in May, according to Bloomberg, and is currently already experiencing competition from newer, branded medicines that come in pill form.
A U.S. attorney in Manhattan sent the Israeli company a formal, civil investigative demand for documents and information regarding sales of both Copaxone and Azilect from 2006 through present-day. The attorney will use the documents to investigate possible violations of the False Claims Act.