Teva hit with $503 mln EU antitrust fine for disparaging rival product

BRUSSELS, Oct 31 (Reuters) - Teva (TEVA.TA) the world's largest generic drugmaker, was hit on Thursday with a 462.6 million euro ($503 million) EU antitrust fine for abusing its dominant position to delay competition to its blockbuster multiple sclerosis medicine Copaxone.

Teva said it planned to appeal against the judgment.

The European Commission said it had found that Teva artificially extended the patent protection of Copaxone and systematically spread misleading information about a rival product, confirming a Reuters exclusive in September.

"We send a clear message to dominant pharmaceutical companies that we will not tolerate the use of disparagement campaigns to foreclose competing medicines," said EU antitrust chief Margrethe Vestager.

In another case in July, Australian group CSL (CSL.AX) unit Vifor Pharma pledged not to disparage a rival iron deficiency treatment medicine to settle an EU antitrust investigation and avoid a potentially hefty fine.

The EU's long-running case against Teva started with dawn raids in 2019 that led to the opening of an investigation in 2021.

Teva said it disagreed with the basis of the EU's ruling.

"The company is deeply disappointed by this decision and has been cooperating extensively with the European Commission since 2019," it said in a statement.

"Teva disagrees with the Commission’s legal theories which are legally untested and, Teva believes, not supported by the facts. The company will vigorously defend its position on appeal and is well prepared financially to mount a defence."