Philadelphia PBM investigation
Executive Summary
The Philadelphia U.S. Attorney's Office has drafted a letter "presenting the government's position" on pharmacy benefit management activities, Medco discloses in most recent update to IPO prospectus. The company says it was "orally informed" that the letter was undergoing final reviews as of June 17. "Although we are unable to predict what its contents will be, the letter may address both the independent investigation commenced in 1998 and the allegations in the qui tam complaints," Medco says. "The government letter could seek payments and other remedies which could be material." Medco previously disclosed that it had received a formal notice from the Philadelphia Attorney indicating interest in pending "whistleblower" complaints against the company (1"The Pink Sheet" June 17, p. 14)...
You may also be interested in...
Medco IPO Will Value Company At $5.9-$6.5 Bil. – Amended Prospectus
Merck's amended IPO prospectus for Medco Health Solutions suggests that the spin-off will be valued at just below the price that Merck paid for the business in 1993
Chinese Firms Up Their Game In Novel Flu Antiviral Development
Joincare Pharmaceutical and partner TaiGen Biotechnology tout preliminary Phase III results in uncomplicated acute influenza for TG-1000, a homegrown follower of Shionogi/Roche’s oral antiviral Xofluza. Novel antivirals for flu were hotly pursued by Chinese developers throughout 2023.
Quotable: Words Of Wisdom From Our Recent APAC Coverage
Scrip's APAC team selects notable quotes from recent interviews, conferences and other coverage to highlight the views of senior executives and officials on the major topics facing the biopharma sector in the region.