Corcept Therapeutics Inc. CORT shares are trading lower Friday afternoon following a report suggesting Teva Pharmaceuticals Inc. TEVA has sued the company, accusing it of a monopoly on Korlym.
What’s Going On: Filed in federal court in San Francisco, the lawsuit alleges that Corcept, along with its sole distributor Optime Care, engaged in anti-competitive practices to stifle competition, according to the report from Reuters.
Teva reportedly accused Corcept of practices such as paying bribes and kickbacks to physicians to ensure they continue prescribing Korlym, thereby blocking Teva’s generic version from gaining market share.
Teva, which launched its generic version of Korlym five months ago, claims it has captured almost no market share due to these alleged practices. Additionally, the lawsuit accuses Corcept of inflating the cost of Korlym to several hundred thousand dollars annually.
CORT Price Action: Corcept shares were down by 9% to $28.68 according to Benzinga Pro.
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Image: Courtesy of Corcept Therapeutics Inc.
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