AstraZeneca and Teva Pharmaceutical's Cephalon are forking over more than $50 million to settle claims by the U.S. government that the companies underpaid rebates owed through Medicaid prescription drug programs, the latest chapter in the Department of Justice's crackdown on Medicaid and Medicare fraud.
After pursuing a pay-for-delay case against Teva's Cephalon unit for years, the Federal Trade Commission has forced the drugmaker to hand over $1.2 billion in past profits.
The city of Chicago made big news when it sued 5 drugmakers, alleging that their painkiller marketing broke the law. But much of the juicy detail in that lawsuit was hidden from view, redacted under a confidentiality agreement with the companies. Now, it's open for viewing.
Ranbaxy Laboratories has been through a boatload of turmoil this year, but the CEO of India's largest generic drugmaker comes off as unfazed. In fact, he is touting big plans in the U.S. for the company.
Teva Pharmaceutical Industries may be a generics behemoth, but its earnings this quarter bore a more-than-casual resemblance to Big Pharma's.
The allegations in a recently released lawsuit against Cephalon suggest that company was particularly obscene about pushing off-label uses, because at the time it was operating under a Corporate Integrity Agreement forged after getting caught for similar problems a few years earlier.
A recall of four batches of a Teva Pharmaceutical Industries ($TEVA) generic drug has been updated in the U.K. because the original recall got batch numbers wrong.
Teva Pharmaceutical Industries ($TEVA) has pegged its future on becoming a hybrid drugmaker, with generics and brands working in perfect synergy. That's because it has looked past the huge wave of patent expirations on blockbuster drugs, and concluded that generics growth alone won't be respectable enough. And that's why it bought Cephalon last year.
Researchers in Virginia identified a potentially powerful new treatment for the blood cancer multiple myeloma. They defeated the cancer in the lab and in animal trials by combining obatoclax, a cancer drug under development at Cephalon, and flavopiridol, a potential oncology drug once under development at Sanofi.
Cephalon has sued Travelers ($TRV) over the insurer's attempt to claw back off-label drug spending.