Teva claws back 50M Dollars from former execs, board members to pay for 2016 foreign bribery settlement

Fiercepharma | July 25, 2019

When Teva forfeited 519 million dollars to the U.S. governmenta over foreign bribery charges back in 2016, it was meant as a move to clear the drugmakers name. Now, Teva is asking former leadership to pony up for their end of the agreement. Former executives and board members of the Israeli drugmaker will shell out $50 million to cover their end of the settlement with the U.S. Justice Department and the Securities and Exchange Commission. They'll also pay a $22 million share of the outlay to Israel’s State’s Attorney Office, according to Calcalist. The names of the former execs and board members were not disclosed. The $50 million clawback agreement follows a series of shareholder lawsuits against Teva after it inked the pair of 2016 settlements. All told, the company raked in $276 million in profits from its arrangement to shell out millions to unnamed foreign officials in Ukraine, Russia and Mexico between 2007 and 2012, Calcalist said. At the time, Teva’s settlement was one of the largest federal payouts on record. It followed an internal investigation in 2012 that found the drugmaker was likely liable for violating the Foreign Corrupt Practices Act. Teva fired its corporate fraud investigator and promised sweeping overhauls of its leadership structure and “problematic” business deals. But the 2016 settlement wasn’t the first and wouldn’t be the last of Teva’s run-ins with the U.S. legal system.

Spotlight

In a breakthrough approach that combines virtual reality and artificial tactile sensations, two amputees feel as though their prosthetic hand belongs to their own body. Moreover, the scientists show that the phantom limb actually grows into their prosthetic hand.

Spotlight

In a breakthrough approach that combines virtual reality and artificial tactile sensations, two amputees feel as though their prosthetic hand belongs to their own body. Moreover, the scientists show that the phantom limb actually grows into their prosthetic hand.

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PHARMACY MARKET

Cardurion Pharmaceuticals Announces Investment of up to $300 Million From Bain Capital

Cardurion Pharmaceuticals | October 28, 2021

Cardurion Pharmaceuticals, Inc a clinical-stage biotechnology company focused on the discovery and development of novel, next-generation therapeutics for the treatment of heart failure and other cardiovascular diseases, today announced it has received a private investment of up to $300 million from Bain Capital Life Sciences and Bain Capital Private Equity. Bain Capital joins existing investors, Takeda Pharmaceuticals and Polaris Partners, in supporting the evolution of Cardurion into a leading cardiovascular biotechnology company. Based in Boston, Massachusetts and with facilities there and in Shonan, Japan, Cardurion’s mission is to transform the treatment of cardiovascular diseases by translating the science of cardiovascular signaling pathways into groundbreaking therapeutics. The Company’s innovative pipeline of cardiovascular drug candidates includes a PDE9 inhibitor and a CaMKII inhibitor program. The investment will support the thoughtful advancement of Cardurion’s pipeline, enable the Company to scale its team, and create an industry-leading platform. “We could not be more excited to welcome Bain Capital as investors in this transformational milestone for Cardurion We have a shared vision to continue to build a world-class cardiovascular company pursuing treatments for a broad range of debilitating diseases. This funding will allow us to advance our first-in-class PDE9 inhibitor into a major Phase 2 trial in heart failure and to support the initiation of first-in-human studies with our CaMKII inhibitor program in several cardiovascular indications. We look forward to leveraging the experience and resources of our investors to build and scale Cardurion as a leading cardiovascular biotechnology company.” Peter Lawrence, Chief Executive Officer of Cardurion “This is an impressive team laser-focused on deep science, innovation, and collaboration in a strategically important therapeutic area where there is high unmet need for patients,” said Adam Koppel, M.D., PhD, a Managing Director at Bain Capital Life Sciences. “We look forward to a lasting partnership with Mike and Peter and their team, supporting the efforts to identify and develop novel therapies while building out a scale platform that can serve as a champion for cardiovascular drug development.” “This investment will accelerate our progress as we work to create transformative new medicines that deliver value for patients and other key stakeholders,” said Michael E. Mendelsohn, M.D., Founder and Chairman of Cardurion. “Cardurion is dedicated to advancing novel mechanisms that yield new treatments for cardiovascular disease, which remains the greatest cause of morbidity and mortality in our society.” In conjunction with Bain Capital’s investment, Koppel and Nicholas Downing, MD, a Principal at Bain Capital Life Sciences, will join the Cardurion Board of Directors. About Cardurion Pharmaceuticals Cardurion Pharmaceuticals is a clinical-stage biotechnology company focused on the discovery and development of novel, next-generation therapeutics for the treatment of heart failure and other cardiovascular diseases. Founded by physician-scientist Michael E. Mendelsohn, M.D., and built by a team of physician-scientists and industry leaders with extensive experience in cardiovascular science, drug development and business development, Cardurion Pharmaceuticals is pursuing unique drug discovery and development programs to target major unmet needs in cardiovascular medicine. Cardurion Pharmaceuticals has facilities in Boston, Massachusetts and Shonan, Japan. About Bain Capital Founded in 1984, Bain Capital, LP is one of the world’s leading private multi-asset alternative investment firms with offices on four continents and deep experience in healthcare. Bain Capital manages approximately $150 billion across asset classes and leverages the firm’s shared platform to capture opportunities in strategic areas of focus. Bain Capital Private Equity has partnered closely with management teams to provide the strategic resources that build great companies and help them thrive. A team of more than 275 investment professionals creates value for portfolio companies through its global platform and depth of expertise in key vertical industries including healthcare. Bain Capital Life Sciences pursues investments in biopharmaceutical, specialty pharmaceutical, medical device, diagnostics and enabling life science technology companies globally. The team focuses on companies that both drive medical innovation across the value chain and enable that innovation to improve the lives of patients with unmet medical needs.

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PHARMA TECH

IDC: Pharmaceutical industry ups inventory levels as OTIF rates fall

Pharmaceutical | November 19, 2020

The decrease in OTIF can be credited to various issues all through the flexibly chain, as indicated by the report. Respondents noticed that diminished interest for non-COVID-19 medications and lost assembling limit were two of the most widely recognized interruptions. Walgreens Boots Alliance Global Chief Financial Officer James Kehoe noticed the drop sought after on an income call a month ago, saying the organization was encountering "lower interest for contents and administrations, reflecting diminished footfall." The greatest effect hosts been at the third-gathering coordinations level as transportation issues originating from tight limit swell across businesses, as per the IDC report. "Administering endpoints have seen the littlest effect, likely an element of high industry stock levels," the report peruses.

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PHARMACY MARKET

NRx Pharmaceuticals to Work with Cardinal Health to Ensure Efficient Distribution of Potential Therapies

NRx Pharmaceuticals | August 26, 2021

NRx Pharmaceuticals announced today it has signed an agreement with Cardinal Health to provide third party logistics and distribution of ZYESAMI™ upon the potential Emergency Use Authorization (EUA) approval by the US Food and Drug Administration (FDA). In May, NRx submitted an application for EUA to the FDA for ZYESAMI™ (aviptadil) for patients suffering from Critical COVID-19 with respiratory failure. "This partnership creates an efficient and highly flexible logistics and distribution model for NRx. Cardinal Health's expertise will enable ZYESAMI to quickly reach patients in the intensive care units, as limiting the time to treatment is crucial," said Robert Besthof, Head of Operations and Chief Commercial Officer of NRx. "This also allows NRx to continue focusing on answering requests from the FDA in support of our application for Emergency Use Authorization for ZYESAMI." Cardinal Health Specialty Pharmaceutical Distribution will serve as the exclusive distributor for ZYESAMI, providing broad access to hospitals for this needed medicine upon FDA authorization. With one of the largest healthcare supply chains, Cardinal Health services more than 90% of hospitals in the U.S., and has more than 20 years of experience supporting rapid delivery of lifesaving medicines. Additionally, Cardinal Health's Third-Party Logistics Services (3PL) will support the warehousing and distribution, full order to cash, and necessary title model services. "As the COVID-19 pandemic continues, so does the need for more innovative, effective and FDA-approved therapies for critically-ill patients with respiratory failure," said Marc DeLorenzo, Senior Vice President of Strategic Sourcing at Cardinal Health. "Cardinal Health is pleased to ensure that COVID-19 patients get access to treatment in a timely and efficient manner." About NRx Pharmaceuticals NRx Pharmaceuticals draws upon more than 300 years of collective, scientific and drug-development experience to bring improved health to patients. Its investigational product, ZYESAMI™ (aviptadil) for patients with COVID-19, has been granted Fast Track designation by the US Food and Drug Administration (FDA) and is currently undergoing phase 3 trials funded by the US National Institutes of Health, the Biomedical Advanced Research and Development Authority part of the US Department of Health and Human Services, and the Medical Countermeasures program, part of the US Department of Defense. The FDA has additionally granted Breakthrough Therapy Designation, a Special Protocol Agreement, and a Biomarker Letter of Support to NRx for NRX-101, an investigational medicine to treat suicidal bipolar depression. NRX-101 is currently in Phase 3 trials, with readouts expected in 2022. In July 2021, NRx was awarded an exclusive worldwide license to develop and commercialize the BriLife (VSV-ΔG) COVID-19 vaccine developed by the Israel Institute of Biological Research. About Cardinal Health Cardinal Health is a distributor of pharmaceuticals, a global manufacturer and distributor of medical and laboratory products, and a provider of performance and data solutions for health care facilities. With 50 years in business, operations in more than 35 countries and approximately 44,000 employees globally, Cardinal Health is essential to care. Information about Cardinal Health is available at cardinalhealth.com.

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