FTC Sues AbbVie Over Delay of Generic Drugs

The Federal Trade Commission (FTC) is suing AbbVie (ABBV) for allegedly preventing two companies from releasing cheaper versions of its testosterone medication.

AbbVieThe pharmaceutical had filed patent infringement lawsuits against Teva and another company to stop them from selling generic versions of AndroGel, a drug for men with low testosterone.

The FTC claims that AbbVie’s lawsuits were “baseless” and the company should refund customers who paid hundreds of millions of dollars for AndroGel. Consumers could have purchased cheaper versions of the drug had AbbVie not sued the companies.

“Our patent infringement lawsuits were appropriate and our settlement agreements were lawful, as well as in the best interest of all parties,” said AbbVie in a statement.

ABBV stock is up about 2.6% Tuesday afternoon.

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Article printed from InvestorPlace Media, https://investorplace.com/2014/09/ftc-abbvie-abbv-stock/.

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