Teva challenged on possible breach of EU antitrust rules

The European Commission has informed Israel-based generics behemoth Teva Pharmaceutical Industries (NYSE and TASE: TEVA) of its preliminary view that the company has breached EU antitrust rules by engaging in practices intended to delay competition to its blockbuster multiple sclerosis drug Copaxone (glatiramer acetate).

These consisted in artificially extending patent protection of Copaxone, over which Teva held a basic patent until 2015, and by systematically spreading misleading information about a competing product with a view to hinder its market entry and uptake. Teva’s US traded shares were down nearly 4% at $8.14 mid-morning.

Copaxone was a $4 billion-a-year blockbuster at its peak in 2014, but sales fell to around $1 billion last year and re predicted to be $700 million this year. In Europe alone, the drug posted second-quarter 2022 sales of $72 million, down 28%.