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U.S. to charge Teva in generic drugs price-fixing probe, report says

Credit: REUTERS/AMIR COHEN

The U.S. Justice Department is preparing to charge Teva Pharmaceutical Industries Ltd with conspiring with competitors to raise prices for generic drugs, Bloomberg Law reported on Tuesday, citing a person familiar with the matter.

Adds background on investigation

Aug 25 (Reuters) - The U.S. Justice Department is preparing to charge Teva Pharmaceutical Industries Ltd TEVA.TA with conspiring with competitors to raise prices for generic drugs, Bloomberg Law reported on Tuesday, citing a person familiar with the matter.

The decision follows Teva's refusal to agree to a settlement that would have required paying a criminal penalty and admitting wrongdoing, the report said. (https://bit.ly/32qtltO)

Teva declined to comment on the report.

The Justice Department has been investigating allegations the company colluded with other drugmakers to push up the prices of widely used pharmaceuticals, including a high cholesterol drug.

Lawyers for Teva had met with Justice Department officials in the spring to discuss a potential settlement, but Teva walked away from the talks in April, the New York Times reported in May.

(Reporting by Diane Bartz in Washington and Mrinalika Roy in Bengaluru; Editing by Vinay Dwivedi and Paul Simao)

((mrinalika.roy@thomsonreuters.com; within U.S. +1 646 223 8780, outside U.S. +91 806749 8325;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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