Published in Breaking News

Feds search Perrigo’s corporate offices in ongoing antitrust investigation

BY MiBiz Staff Wednesday, May 03, 2017 10:33am

ALLEGAN — Perrigo Co. plc (NYSE: PRGO) said federal investigators executed a search of its corporate office as part of a broader, ongoing investigation of drug pricing in the pharmaceutical industry.

The company Tuesday night disclosed the search warrants by the U.S. Department of Justice Antitrust Division, which is looking into whether drug companies colluded to fix generic drug prices.

“As has been previously disclosed by a number of companies, the Antitrust Division has been looking at industry-wide pricing practices,” Perrigo said in a statement. “The Company is taking this investigation seriously and is cooperating with the appropriate authorities.”

Perrigo has yet to finalize sales figures and file a regulatory financial report for the fourth quarter of the 2016 fiscal year. In unaudited results last week, the generic drug division accounted for about $220 million in sales out of $1.35 billion in quarterly revenues.

Following Tuesday night’s disclosure, Perrigo’s share price had fallen by more than 6 percent as of mid-morning.

Read 1256 times Last modified on Wednesday, 03 May 2017 10:38
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