Teva to pay $512m in Provigil settlement - report

Teva

"Reuters" said the settlement would be the largest ever paid over allegations of delaying generic drugs.

Teva Pharmaceutical Industries Ltd. (NYSE: TEVA; TASE: TEVA) has agreed to pay $512 million to settle a class action suit, reports "Reuters." The class action claims that Cephalon Inc., which Teva bought in 2011, "used anticompetitive settlements to delay generic versions of its wakefulness drug Provigil, according to court papers," says "Reuters."

"Reuters" added that, "the settlement is the largest ever to be paid to consumers over allegations of delaying generic drugs, according to a motion to approve the settlement filed Friday in Philadelphia."

Mylan and Ranbaxy, which are also defendants in the case, are reportedly not part of the settlement.

Teva and an attorney for the plaintiffs could not immediately be reached for comment, "Reuters" added.

Published by Globes [online], Israel business news - www.globes-online.com - on April 20, 2015

© Copyright of Globes Publisher Itonut (1983) Ltd. 2015

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