The European Commission decided on Thursday to fine Teva Pharmaceutical Industries Ltd. €462.6 million for the abuse of its dominant market position. The Commission found the Israeli company artificially extended the patent protection of its multiple sclerosis medicine Copaxone in multiple EU markets and pursued competitors in courts when challenged. The Commission also said Teva launched a "systematic disparagement campaign" against a competing treatment.
"We found that Teva's conduct contributed to maintaining Teva's quasi-monopoly in several member states years after the basic patent for Copaxone expired. This may have prevented significant savings for public health budgets, as a result of expected price decreases that could reach 80% in terms of list prices," the Commission's Executive Vice-President Margrethe Vestager said.
Teva's shares lost 1.24% in the premarket trade on the New York Stock Exchange.
