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AbbVie and affiliate owe $448 million in FTC antitrust case

AbbVie Inc. ABBV, +0.24% used to be hit with a $448 million judgement past due Friday for allegedly overcharging shoppers, consistent with the Federal Trade Commission. In 2014, the FTC alleged AbbVie and its spouse Besins Healthcare Inc. blocked client get admission to to cheaper price variations of the testosterone substitute drug Androgel. The FTC accused AbbVie of the usage of "sham litigation" to take care of its monopoly. AbbVie has previously denied the allegations and the breakdown of reduction between AbbVie and Besins used to be not in an instant transparent. "This decision is a double victory, both for patients who rely on Androgel and for competition more broadly," stated FTC chairman Joe Simons. "It sends a clear signal that pharmaceutical companies can't use baseless litigation to forestall competition from low-cost generics." The resolution handed down in the U.S. District Court for Eastern Pennsylvania is the biggest financial award in a litigated FTC antitrust case, the agency stated. AbbVie inventory used to be flat in after hours trading, and closed up 0.2% to $92.65 all through the common consultation. AbbVie shares are down 4.2% this 12 months, because the S&P 500 index SPX, +0.08% won 1.7%.