Roche, Novartis's Italian Heads Risk Trial for Alleged Market Rigging -Reuters
09 December 2017 - 03:09AM
Dow Jones News
-- Italian authorities have been investigating allegations that
Roche Holding AG (ROG.EB) and Novartis AG (NOVN.EB) colluded by
playing up the side effects of eye-disease treatment Avastin in
order to increase sales of Lucentis, a similar but more expensive
treatment, reports Reuters, citing judicial sources. Roche makes
both Avastin and Lucentis and Novartis markets Lucentis outside of
the U.S.
-- The investigation targeted Roche's Maurizio de Cicco and
Novartis's George Schrockn Fuchs as the representatives of the two
companies in Italy, according to Reuters.
-- On Thursday Mr. De Cicco and Mr. Schrockn Fuchs were notified
that Italian prosecutors had concluded the inquiry, reports
Reuters, citing sources. In Italy, this often leads to a request
that the defendants stand trial.
-- This is not the first time the two companies have been
accused of collusion with regard to Avastin. In 2014, they were
fined EUR180 million by Italy's antitrust authorities for hindering
the use of Avastin, according to Reuters.
-- Roche responded to a request for comment from Dow Jones
Newswires by saying that it "reaffirms its conviction that the
conduct adopted is correct and trusts that the accusation of market
manipulation will prove unfounded, as occurred with the other
accusations already dismissed by the prosecutor." It added that it
has "always acted in compliance with the law, with the aim of
safeguarding patients' health regarding the improper use of its
product."
-- In response to a Dow Jones Newswires request for comment,
Novartis said: "We can confirm that a current associate of Novartis
Italy has been notified by the Rome Public Prosecutors Office that
it has concluded preliminary investigations. Novartis is
cooperating with the authorities and cannot comment further at this
time."
Full story: http://reut.rs/2jwjxIV
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(END) Dow Jones Newswires
December 08, 2017 10:54 ET (15:54 GMT)
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