Israel's Teva Pharmaceutical Industries said on Thursday it had agreed to pay $519 million to settle charges it violated the US Foreign Corrupt Practices Act.
The settlement with the department of justice and the securities and exchange commission (SEC) relates to conduct in Ukraine, Mexico and a guilty plea by a subsidiary in Russia, and followed a voluntary investigation, Teva said.
Details of the misconduct, which Teva said ended several years ago, were not disclosed.
The SEC’s complaint had alleged that Teva made more than $214 million in illicit profits by making the payments to increase its market share and obtain regulatory approvals.
Teva, the world’s biggest generic drugmaker, said no workers involved in the improper payments were with the company, and that it had replaced its entire leadership team in Russia in 2013.
The company, whose shares are listed on the New York and Tel Aviv stock exchanges, must also retain an independent corporate monitor for at least three years, the SEC said.
Teva said that since 2012 it had taken several steps to address issues of governance.
– (Reuters)
