Teva Pharmaceutical Industries Ltd. (NYSE: TEVA; TASE: TEVA) yesterday announced a settlement with the Federal Trade Commission (FTC), the US antitrust regulator, which will resolve all outstanding litigation between the parties. In 2015, Teva paid the FTC $1.2 billion because of actions carried out by Cephalon, which Teva had acquired in 2011. The payment was part of the FTC's 'Pay for Delay' policy, in which pharmaceutical companies illegally blocked generic drugs by receiving payments from the company producing the branded version of the drug. Elements of this agreement are now being updated, Teva says. Under the terms of the settlement, which is subject to court approval, the FTC will also dismiss its claims against Teva and its affiliates in three outstanding cases. Teva will not pay any additional money to the FTC as part of this settlement. RELATED ARTICLES Teva still mired deep in a battle for survival Schultz: Teva is not up for sale Teva reconnecting to Israel's startup ecosystem Buffett maintains stake in Teva Teva EVP head of North American commercial Brendan O'Grady said, "We are very pleased to put these litigations against the FTC behind us. We also appreciate the FTC's willingness to modify our consent decree to eliminate certain administrative burdens that will make it easier for us to navigate the patent issues that are critical to our business." Published by Globes, Israel business news - en.globes.co.il - on February 21, 2019 © Copyright of Globes Publisher Itonut (1983) Ltd. 2019
