U.S. House Oversight Committee to subpoena AbbVie in drug-pricing probe

(Reuters) – The U.S. House Oversight Committee on Tuesday decided to subpoena AbbVie Inc (ABBV.N) to seek documents on the drugmaker’s blockbuster treatments, Humira and Imbruvica, as part of its investigation into drug pricing practices.

The committee began probing into pharmaceutical industry pricing practices last year and had sought information from 12 drugmakers on price increases, corporate strategies to preserve market share and pricing power.

“After more than 18 months, AbbVie has demonstrated its unwillingness to comply voluntarily with the Committee’s investigation,” Representative Carolyn Maloney, the Chairwoman of the committee, wrote in a memo here

“Although most of the drug companies we are examining have cooperated with the committee’s investigation, AbbVie’s noncompliance stands out as particularly egregious, which is why I am issuing this subpoena.”

FILE PHOTO: A screen displays the share price for drugmaker AbbVie on the floor of the New York Stock Exchange July 18, 2014. REUTERS/Brendan McDermid/File Photo

AbbVie did not immediately respond to Reuters request for comment.

Shares of the drugmaker fell nearly 3% to $93.10 on Tuesday.

 

Reporting by Ankur Banerjee in Bengaluru; Editing by Arun Koyyur

 
 
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