Teva fined by EC in 'pay-for-delay' agreement case
The European Commission has fined the pharmaceutical companies Israel-based Teva Pharmaceutical Industries (NYSE: TEVA) 60.5 million euros ($72 million) for agreeing to delay for several years the market entry of a cheaper generic version of Cephalon's drug for sleep disorders, modafinil, after Cephalon's main patents had expired.
The agreement was concluded well before Cephalon became a subsidiary of Teva in 2011. The agreement violated European Union antitrust rules and caused substantial harm to EU patients and healthcare systems by keeping prices high for modafinil.
Such agreements are called “pay-for-delay” deals. They stand in the way of competition and are illegal under EU antitrust rules, says the EC.
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