UPDATE 1-U.S. Justice Department subpoenas Taro over generic drug pricing

Sun Sep 11, 2016 2:52pm EDT
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(Updates with Justice Department spokesman declining to comment)

By Sarah N. Lynch

WASHINGTON, Sept 11 (Reuters) - Taro Pharmaceutical Industries Ltd and two of its senior officers received grand jury subpoenas last week in connection with a federal antitrust investigation into generic drug pricing, the company disclosed.

The company, which is headquartered in Israel, said late on Friday it received subpoenas on Thursday from the U.S. Justice Department's Antitrust Division.

The subpoenas seek documents related to "corporate and employee records, generic pharmaceutical products and pricing" and the company's "communications with competitors and others" related to the sale of generic products.

The filing, which was posted after U.S. markets closed on Friday, did not name the two executives who were subpoenaed.

"Taro intends to respond to the subpoena and otherwise cooperate with the Department of Justice investigation," the company said in the filing.

A spokesman for Taro could not be immediately reached on Sunday for comment. A Justice Department spokesman declined to comment.

Taro is the maker of many popular generic over-the-counter ointments, including antibiotic pain relief and Hydrocortisone creams used to relieve itching and minor skin rashes.   Continued...