U.S. Markets open in 3 hrs 25 mins

News Summary: EU fines pharma firms over generics

The Associated Press

FINE FOR DELAY: The European Union has fined Danish pharmaceuticals multinational Lundbeck and several other producers a combined 146 million euros ($195 million) for delaying the market entry of cheaper generic alternatives to a major antidepressant.

THE BIG FINE: EU Antitrust Commissioner Joaquin Almunia said Wednesday that Lundbeck alone was fined 93.8 million euros ($125.6 million) for anti-competitive behavior, charging it agreed with several companies to delay the entry of generic versions of its antidepressant citalopram.

THE REACTION: Lundbeck immediately announced it would appeal the fine and insisted it did not unduly restrict competition.