Aug 6 Israel's Teva Pharmaceutical Industries
, the world's biggest generic-drug maker, is
being investigated by the U.S. securities regulator over the
company's compliance with a U.S. law that prohibits bribery of
In a filing with the U.S. Securities and Exchange Commission
last week, Teva said it had received a subpoena dated July 9 to
produce documents in connection with its business practices in
Teva said in the filing that it was cooperating with the
U.S. government. The company added that it was conducting a
voluntary investigation into certain business practices and has
engaged independent counsel to assist in its investigation.
"These matters are in their early stages and no conclusion
can be drawn at this time as to any likely outcomes," Teva said
in the filing.
The SEC's move is part of a wider probe into the drug
industry for possible violations of the Foreign Corrupt
Practices Act, as major drugmakers look to expand in emerging
A Reuters examination of U.S. SEC filings by the world's top
10 drug companies has found that at least eight of them had
warned of potential costs related to charges of corruption in
Early this year, Bristol-Myers Squibb Co said it had
received a subpoena from SEC regarding its sales and marketing
practices in various foreign countries.
Last year, Johnson & Johnson agreed to pay $70
million to settle U.S. charges that it paid bribes and kickbacks
to win business in Greece, Iraq, Poland and Romania, in the
first such settlement by a big drug company.
The International Federation of Pharmaceutical Manufacturers
and Associations said early this year it had expanded and
strengthened the code to ensure "the highest ethical and