Teva/Cephalon agree $1.2 billion pay-for-delay settlement with US FTC
The US Federal Trade Commission has reached a settlement resolving its antitrust suit charging Cephalon with illegally blocking generic competition to its blockbuster sleep-disorder drug Provigil (modafinil).
The settlement ensures that Israel-based Teva Pharmaceutical Industries (NYSE: TEVA), which acquired Cephalon in 2011 for $6.8 billion, will make a total of $1.2 billion available to compensate purchasers, including drug wholesalers, pharmacies, and insurers, who overpaid because of Cephalon’s illegal conduct. This is the largest amount ever secured by the FTC.
The settlement amount includes money Teva has already agreed to pay in private settlements in similar Cephalon-related litigation, including a $512 million accord last month.
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