TEVA Teva Pharmaceutical Industries Ltd

   By Maria Armental 
 

Teva Pharmaceutical Industries Ltd. and federal regulators have reached a tentative agreement to resolve a series of disputes over pacts to delay the sale of cheaper generic drugs.

The proposed settlement with the Federal Trade Commission, which would resolve three complaints, essentially extends and tightens restrictions under a 2015 settlement and resets the clock so that restrictions remain in place for 10 years from the date of the revised agreement.

Teva won't pay any additional money beyond the $1.2 billion in relief for overpayment as part of the 2015 settlement.

"This broad settlement prevents the world's largest manufacturer of generic drugs from entering into collusive agreements that prevent price competition by keeping generic drugs off the market," FTC Chairman Joe Simons said in a statement.

So-called "reverse-payment" or "pay-for-delay" settlements involve a branded drug company that pays or gives some kind of inducement to another company to delay sales of a generic. The FTC says such deals cost consumers and taxpayers some $3.5 billion a year.

Under the terms of the agreement, subject to court approval, the FTC would ask the court to dismiss Teva from two lawsuits over AndroGel, a popular testosterone replacement drug.

The FTC would also ask Teva be dismissed from another lawsuit involving Lidoderm lidocaine patch.

The 2015 settlement agreement over delayed competing versions of sleep-disorder drug Provigil marked the first time the U.S. agency obtained monetary remedies for drug purchasers in a "pay for delay" case.

Write to Maria Armental at maria.armental@wsj.com

(END) Dow Jones Newswires

February 19, 2019 20:35 ET (01:35 GMT)

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