Teva receives subpoenas over Copaxone and Azilect marketing

The US Department of Justice is investigating Israel drugmaker Teva Pharmaceutical Industries’ (NYSE: TEVA) marketing and sales practices for Parkinson’s disease drug Azilect (rasagiline) and its blockbuster multiple sclerosis drug Copaxone (glatiramer acetate), the company has revealed in a filing with the US Securities and Exchange Commission.

American depositary receipts of Teva, the world’s largest generics drugmaker, fell 1.1% to $44.05 by close of trading yesterday, after the news broke. By far Teva’s biggest branded product, Copaxone generated $4.3 billion in revenue in 2013. Sales of Azilect were just $493 million.

Beginning in 2012, Teva said it received subpoenas and informal document requests from the SEC and the Department of Justice (DoJ) to produce documents with respect to compliance with the Foreign Corrupt Practices Act (FCPA) in certain countries. “We have provided and will continue to provide documents and other information to the SEC and the DoJ, and are cooperating with the government in their investigations of these matters,” the company noted.