ENDP - Endo falls 12% after FDA asks FTC to investigate 'anticompetitive' practices

In denying a Citizen Petition from Endo International (ENDP -12.4%) that sought to block approval of a generic of one of its drugs, the FDA says it is referring the company's attempt to the attention of the Federal Trade Commission. The petition "appears to have been submitted with the primary purpose of delaying approval of Eagles ANDA and fails to raise valid scientific or regulatory issues," the FDA wrote in a letter to Endo's attorney at Axinn. The development was first reported by Stat News. Endo subsidiary Par Pharmaceutical markets Vasostrict (vasopressin). Eagle Pharmaceuticals (EGRX -0.8%) filed an ANDA to sell a generic version, which the FDA approved yesterday. Vasostrict had sales of $786M last year. "FDA intends to refer this matter to the FTC, which has the administrative tools and the expertise to investigate and address anticompetitive business practices," the letter states. Seeking Alpha contributor CashFlow Hunter explains why

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Endo falls 12% after FDA asks FTC to investigate 'anticompetitive' practices