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- The Swiss competition commission (COMCO) has initiated an investigation against Novartis AG (NYSE:NVS) over the alleged unlawful patent use to reduce competitive pressure.
- COMCO conducted an early morning raid on the company; however, it did not reveal the company's name in its statement. Meanwhile, the pharma major released a press release stating it is under investigation.
- "The company allegedly attempted to protect its drug for the treatment of skin diseases against competing products by using one of its patents to initiate litigation proceedings," COMCO said in a statement as quoted by Reuters.
- Also Read: Novartis Dodges Whistleblower Lawsuit Regarding Multiple Sclerosis Drug Kickback Claims.
- Novartis also said that COMCO had initiated an investigation in collaboration with the European Commission into the assertion of a patent in the broader field of dermatology treatments.
- "In connection with this investigation, COMCO representatives visited the company headquarters in Basel," Novartis said.
- "The opening of an investigation does not imply any finding of wrongdoing or any financial impact. Novartis is fully cooperating with the authorities and is confident to clarify the legitimacy of its position," the company added.
- Price Action: NVS shares are up 1.29% at $81.95 during the premarket session on the last check Thursday.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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