Israeli drug manufacturer Taro Pharmaceutical Industries revealed Friday that the U.S. Justice Department subpoenaed it and two of its senior officers as part of an investigation into generic-drug pricing.
In a filing to the U.S. Securities and Exchange Commission posted late Friday, Taro said the Justice Department's Antitrust Division wants documents on generic pharmaceutical products and pricing as well as communications between the company and its competitors about generic-drug sales.
The Haifa, Israel-based company says it plans to cooperate with the federal investigation, but did not name the two senior officers who are involved in the grand jury subpoena. The two individuals are part of Taro's commercial team, the filing said.
Taro has approximately 180 pharmaceutical products it manufactures and sells around the world, including skin creams for pain relief, eczema and psoriasis. The company raked in approximately $863 million in revenue in 2015.
Pharmaceutical companies have faced increased scrutiny in past weeks over generic-drug pricing, with Mylan in particular facing the hot seat over its skyrocketing EpiPen prices. The epinephrine auto-injector, which can save the lives of people with severe allergies, has jumped more than 500% since 2007 to $608 for a two-pack, and federal lawmakers are investigating the trends.
Taro's U.S. stock dropped more than 3% during morning trading on Monday.
