A PYMNTS Company

US: Justice Department subpoenas Taro over generic drug pricing

 |  September 12, 2016

Taro Pharmaceutical and two of its senior officers received grand jury subpoenas last week in connection with a federal antitrust investigation into generic drug pricing, the company disclosed.

The company, which is headquartered in Israel, said late on Friday it received subpoenas on Thursday from the US Justice Department’s Antitrust Division.

The subpoenas seek documents related to “corporate and employee records, generic pharmaceutical products and pricing” and the company’s “communications with competitors and others” related to the sale of generic products.

The filing, which was posted after U.S. markets closed on Friday, did not name the two executives who were subpoenaed.

“Taro intends to respond to the subpoena and otherwise cooperate with the Department of Justice investigation,” the company said in the filing.

Taro is the maker of many popular generic over-the-counter ointments, including antibiotic pain relief and Hydrocortisone creams used to relieve itching and minor skin rashes.

Full Content: CNBC

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.