Teva agrees $520 million settlement with US government over foreign bribery charges
Israel-based Teva Pharmaceutical Industries (NYSE: TEVA), the world’s largest generic drugs maker, and its wholly-owned Russian subsidiary, have agreed to resolve criminal charges and to pay a criminal penalty of more than $283 million in connection with schemes involving the bribery of government officials in Russia, Ukraine and Mexico in violation of the Foreign Corrupt Practices Act (FCPA), the US Department of Justice announced yesterday.
According to the companies’ admissions, Teva executives and Teva Russia employees paid bribes to a high-ranking Russian government official intending to influence the official to use his authority to increase sales of Teva’s multiple sclerosis drug, Copaxone (glatiramer acetate), in annual drug purchase auctions held by the Russian Ministry of Health.
Teva's share price saw a boost on the news, jumping 2.3% from the market's open to hit $37.21 by midday Thursday.
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