Teva Pharmaceutical, a major drugs manufacturer and importer of medicines into the US, is the target of a federal bribery investigation.
The drugs giant Teva Pharmaceutical is under investigation by the US Securities and Exchange Commission (SEC). The Times Leader reports that the SEC examining Teva’s compliance with the US Foreign Corrupt Practice Act. This Act is a law that makes it illegal for people or companies to make payments to officials of foreign governments in order to get or keep business.
The SEC’s investigation is into Teva’s dealings with countries in Latin America. The SEC has subpoenaed certain documents relating to Teva’s business dealings with countries in this region. Pharmalot notes that “over the past few years, US authorities have made clear that global drug makers were likely targets of FCPA probes”, so any crackdown on any possible wrong doing will come as no surprise.
Teva has declared that, in addition to the SEC investigation, it is conducting its own voluntary investigation. A Teva spokeswoman is quoted by the Wall Street Journal as saying “These matters are in their early stages and no conclusion can be drawn at this time as to any likely outcomes.”
Teva Pharmaceutical Industries Ltd. is an Israeli company and the largest generic drug company in the world,. It specializes in generic and proprietary pharmaceuticals and active pharmaceutical ingredients. One of its main products is Copaxone, the biggest-selling multiple sclerosis medication in the world. Teva’s revenue exceeded $18 billion in 2011.
The Securities and Exchange Commission is a federal agency which holds primary responsibility for enforcing the federal securities laws and regulating the securities industry, the nation's stock and options exchanges, and other electronic securities markets in the United States. The SEC's activities seem to have increased of late.