First Word Pharma reports that Androgel maker AbbVie has abandoned its plan to buy out pharmaceutical maker Shire. AbbVie says the bid for Shire was withdrawn in light of recent U.S. tax law changes. As a result of the failed deal, AbbVie will have to pay $1.6 billion to Shire and will be unable to make another offer to purchase the company for at least a year.
The Androgel maker was recently in the news over allegations made by the Federal Trade Commission (FTC) that AbbVie filed unfounded lawsuits and entered a pay-for-delay agreement to prevent the release of generic Androgel.
AndroGel is a prescription testosterone replacement therapy for men and its annual sales are estimated to be more than $1 billion. Androgel is one of several prescription testosterone therapies recently linked to increased risk of heart attacks, strokes, and death in users of the products. Besides the gel form of testosterone therapy sold as AndroGel, testosterone therapies come in pills, patches, and injections. They are sold under brand names like Testim, Axiron, and Forestsa.
The FTC complaint was filed in federal court in Pennsylvania last month and claims that AbbVie and its partner, Besins Healthcare Inc., pursued lawsuits against generic drug makers to delay the entry of generic AndroGel into the market, thereby increasing profits. The complaint also alleges that AbbVie and Besins later offered illegal payments to Teva, a generic manufacturer, to keep the company from introducing a generic version of the testosterone gel.
Testosterone therapy users with concerns about their prescribed medications should consult their doctors before stopping or changing medications. The testosterone lawyers of Lopez McHugh can assist you in determining if a testosterone therapy lawsuit is right for you. Call our testosterone therapy lawsuit team today if you have questions about possible legal action. Our consultations are free and will be kept confidential.