Alexion initiates review of sales practices, delays SEC filing

US biotech firm Alexion Pharmaceuticals (Nasdaq: ALXN) says it will delay filing its quarterly Form 10-Q report for third-quarter 2016 because of an internal investigation of sales practices on one its drugs.

In a filing with the US Securities and Exchange Commission, Alexion said that the Audit and Finance Committee of the board of directors is conducting an investigation into allegations that have recently been made by a former employee with respect to the company’s sales practices of Soliris (eculizumab), a treatment for rare blood diseases which generated sales of around $2.6 billion in 2015.

Specifically, the Audit and Finance Committee is investigating whether company personnel have engaged in sales practices that were inconsistent with company policies and procedures and the related disclosure and other considerations raised by such practices. The Audit and Finance Committee has retained outside counsel to assist it in the investigation.