Teva Pharmaceutical Industries is facing U.S. allegations that it used kickbacks, disguised as speaking fees, to persuade doctors to boost prescriptions of its multiple sclerosis drug Copaxone and Parkinson's med Azilect.
After scouring Teva Pharmaceutical for potential marketing and kickback violations for more than a year, the U.S. Justice Department decided not to join up with whistleblowers suing the company. But the two former sales reps are persisting with civil claims that the Israel-based drugmaker used kickbacks, disguised as speaking fees, to persuade doctors to boost prescriptions of its multiple sclerosis drug Copaxone and Parkinson's med Azilect.
Teva has been sitting on the sidelines for more than a year as its peers jumped head-first into a biopharma deal bonanza. But no longer: The Israeli company struck a $3.2 billion agreement to buy Auspex Pharmaceuticals, which will finally put it back onto the M&A map. And it's zeroing in on more deal targets, analysts say.
G&W Laboratories, a small generic drugmaker, recently broke onto the pharma scene publicly with two substantial deals in 10 months for plants and products. The first deal was last summer when it bought an Actavis plant, and this month it announced a deal to do the same with Teva Pharmaceutical Industries.
Heard the Teva-Mylan takeover rumors? Forget them, one analyst says.
Rumors have been floating around for months that pickup-hungry Teva may be looking to buy generics competitor Mylan. Some analysts have dismissed the idea, pointing to reasons a buyout wouldn't work. But with the deal talk persisting, at least one analyst says the underlying logic for a tie-up is sound--as long as it doesn't happen right away.
A Teva plant in Pennsylvania and hundreds of jobs have been spared the ax that the Israeli company has been swinging left and right as it cuts costs in the face of patent cliff issues. Instead, a family-owned business from New Jersey will acquire the Sellersville facility along with about two dozen drugs that are manufactured there.
Teva has been investigating for some time whether its business practices abroad have breached the Foreign Corrupt Practices Act (FCPA) and/or local laws. And now, it says it's "likely" they have.
Good news for Teva when it comes to Mylan's generic version of AstraZeneca's Nexium: It won't be around for a little while.
Teva is ready to make some deals now. It's a mantra that's seen quite a bit of play since CEO Erez Vigodman took up the reins at the generics giant early last year. But now, after a year of focusing on cutting costs and debt, and turning things around at the struggling drugmaker, he really means it.