Exclusive: Edwards Lifesciences targeted in EU antitrust raid last week – sources

European Union flag

Exclusive: Edwards Lifesciences targeted in EU antitrust raid last week – sources

BRUSSELS, Sept 26 (Reuters) – Edwards Lifesciences (EW.N) was raided by EU antitrust regulators at one of its facilities in an EU country a week ago, two people with direct knowledge of the matter told Reuters on Tuesday.

Edwards Lifesciences’ shares dipped after the Reuters story, falling 2.5% in pre-market trade.

The move underscores increasing regulatory scrutiny on both sides of the Atlantic of the pharmaceutical industry to ensure that companies continue to innovate and offer products and services at affordable prices without being squeezed out by bigger rivals.

The European Commission on Sept. 19 said it raided a cardiovascular medical device company in an EU country on concerns that it may have abused its market power in breach of the bloc’s antitrust rules. It did not name the company.

Edwards Lifesciences, which says it is a global leader in making medical products for structural heart disease, did not respond to repeated emailed requests for comment. Its transcatheter aortic valve replacement (TAVR) device helps in a type of heart surgery.

The EU competition enforcer declined to comment.

Companies found guilty of violating EU antitrust rules face fines as much as 10% of their global turnover.

According to analysts, Edwards Lifesciences competes with Abbot Laboratories (ABT.N), Medtronic (MDT.N), Zimmer Biomet (ZBH.N) and Boston Scientific Corp (BSX.N), among others.

Reporting by Foo Yun Chee; Editing by Kirsten Donovan and Louise Heavens

Source: Reuters