Teva Pharm CFO says company did not conspire to fix prices

Teva Pharmaceutical Industries

The sweeping lawsuit alleges that drug companies conspired to inflate the prices of more than 100 different drugs.

A complete list of the states filing the suits and the drug makers can be found here.

Maine Attorney General Aaron Frey is signing on to the 44-state coalition led by Connecticut Attorney General William Tong.

But in a statement Sunday in response to a "60 Minutes" report about the investigation and lawsuit, the Association for Accessible Medicines, an industry group, said it and generic-drug companies "are committed to supporting policies that promote competition and help speed the availability of generic and biosimilar medicines to patients".

Teva's stock was the clear underperformer among the group as the Israel-based company was singled out by NYT for raising prices on almost 400 formulations of 112 generic drugs.

Miller says the drugs included covered basic infections, diabetes, cancer, epilepsy, multiple sclerosis, HIV, ADHD and more.

Teva and other drug companies are denying the allegations.

A lawsuit filed in a federal court on Friday alleges that several generic drug companies conspired to fix prices, resulting in often dramatic price increases for their products.

Pfizer said its subsidiary in charge of generic drugs intends to "vigorously defend" the allegations.

Once an investigation was initiated by the State of CT, in July 2014, the lawsuit alleges that such price increases "slowed dramatically". The suit accuses Teva Pharmaceuticals of being the mastermind behind the scheme.

The suit says that in 2012, companies chose to "take this understanding to the next level", embarking on "one of the most egregious and damaging price-fixing conspiracies in the history of the United States".

The suit says that the defendants knew their conduct was unlawful and usually chose to communicate in person or by cell phone "in an attempt to avoid creating a written record of their illegal conduct".

Tong said the lawsuit expands on a similar complaint filed in 2016 and said that the lawsuit announced Monday is 10 times bigger. Two former executives in that case have entered into settlement agreements, according to a statement from the Maine Attorney General's Office. The state is seeking relief, including triple damages for ME governmental and consumer purchasers, civil penalties, a court order that compels defendants to refrain from certain behaviors, attorney's fees and investigative and litigation costs.

The evidence also reportedly shows how the different drug companies have agreed not to compete with each other to keep prices as high as possible.

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