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PFIZER REACHES AGREEMENTS IN PRINCIPLE WITH US OVER BRIBERY PROBE
Pharmaceutical giant Pfizer Inc. said last week it reached agreements-in-principle with U.S. authorities to resolve a foreign bribery investigation. The company said in a securities filing it expects to enter into and announce final agreements with the Securities and Exchange Commission and the Justice Department by the end of the year. The alleged misconduct has to do with "potentially improper payments made by certain Pfizer and Wyeth subsidiaries" connected to sales outside the U.S., the filing said. Wyeth was acquired by Pfizer in 2009. The filing was previously reported by the FCPA Blog. The Justice Department declined to comment. The SEC didn’t immediately respond to a request for comment. Pfizer is one of many pharmaceutical companies under investigation for posible foreign bribery, with a widely-reported sweep of the industry underway. The industry has had trouble dealing with the term "foreign official" under the Foreign Corrupt Practices Act, a Corruption Currents industry profile found. The first company to settle was Johnson & Johnson, which agreed to pay $70 million to resolve charges. It admitted illegal conduct in a criminal case, but neither admitted nor denied wrongdoing in a connected civil settlement. Eli Lilly & Co. is close to settling a case against it, and AstraZeneca PLC is cooperating with U.S. authorities in its case, but doesn’t know when it will end. The Wall Street Journal 16/11/2011 |
