Cephalon settles with DOJ
Executive Summary
Cephalon will plead guilty to a single federal misdemeanor violation of the Food, Drug and Cosmetic Act and pay a $425 million fine to settle a federal investigation into promotional practices for Provigil, Actiq and Gabitril, firm announces Nov. 8. The settlement also requires the company to enter into a corporate integrity agreement with the HHS Office of Inspector General, details of which are not yet finalized. Investigation by Philadelphia U.S. Attorney's Office was first reported in 2004 (1"The Pink Sheet" Sept. 13, 2004, p. 29). Settlement amount is on par with fines paid in recent years by companies like Pfizer ($430 million) and Schering-Plough ($435.5 million) to resolve similar charges. Cephalon has $700 million in the bank, more than enough to cover the costs, firm notes during third quarter earnings call...
You may also be interested in...
Cephalon Marketing Under Investigation By Philadelphia U.S. Attorney
The Philadelphia U.S. Attorney's investigation into Cephalon's marketing practices covers the entire commercial life of Provigil
News We’re Watching: AI Safety Partnership; Boston Scientific Recalls; New Cancer, STI Tests; VR
This week, the US and UK announced a partnership to promote AI safety. Boston Scientific recalls embolic agent. LumiCell received FDA approval for its imaging agent to detect residual cancer. Scout receives an award to develop an STI test; and Osso VR leverages the Apple Vision Pro for VR medical training.
Finance Watch: Canaan, Regeneron Reveal New Funds For Start-Ups
Private Company Edition: Regeneron launched a $500m venture fund and Canaan added $100m, bringing the venture firm’s recent total to $1bn-plus. Also, incubators plan to grow over the next decade and in recent financings Avenzo raised $150m and Nvelop launched with $100m.