Teva Settles Foreign Corruption Probe for $519 Million
Published: Dec 27, 2016
The Securities and Exchange Commission and the Department of Justice jointly fined Teva Pharmaceutical Industries Limited the largest generic drug manufacturer in the world, $519 million on Thursday to settle parallel civil and criminal charges that it allegedly violated the Foreign Corrupt Practices Act when it paid bribes to foreign government officials in Russia, Ukraine, and Mexico between 2002 and 2012. Teva made more than $214 million in illicit profits, according to the SEC, by bribing officials to increase its market share, obtain regulatory approvals and gain favorable drug purchase and prescription decisions. Teva will enter into a deferred prosecution agreement with the U.S. Department of Justice.