Teva settled claims in California that Barr Pharmaceuticals deliberately kept a generic version of the Cipro antibiotic off the market to push up prices.
Teva Pharmaceutical Industries Ltd. (NYSE: TEVA; TASE: TEVA) has agreed a $225 million antitrust settlement in California.
Back in 2000, a group of nonprofit organizations and individuals accused Barr Laboratories of deliberately keeping a generic version of the Cipro antibiotic off the market in order to push up prices. Barr, which was acquired by Teva for $7.5 billion in 2008, had allegedly been paid $398 million by Bayer to keep the generic antibiotic off the market.
Meanwhile, in an unrelated development, Dr. Arie Belldegrun has resigned from Teva's board of directors. Teva said that the resignation of Dr. Belldegrun who is the founder president and CEO of Kite Pharma was in no way related to any disagreements regarding management, conduct or policy.
Published by Globes [online], Israel business news - www.globes-online.com - on January 27, 2017
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Teva photo: Reuters