08:42 AM EDT, 10/31/2024 (MT Newswires) -- (Updates with Teva's response in the last paragraph.)

The European Commission on Thursday said it has fined Teva Pharmaceutical Industries ( TEVA ) 462.6 million euros ($502.8 million) for allegedly delaying competition to its medicine for the treatment of multiple sclerosis, Copaxone.

"The Commission found that Teva artificially extended the patent protection of Copaxone and systematically spread misleading information about a competing product to hinder its market entry and uptake," the commission said.

Teva intends to appeal the judgement and the imposed fine, the company said in a news release.

"The company is deeply disappointed by this decision and has been cooperating extensively with the EC since 2019," Teva said. "Teva disagrees with the Commission's legal theories which are legally untested and, Teva believes, not supported by the facts."

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