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Federal regulators announced Thursday that Teva Pharmaceuticals Industries will pay $1.2 billion to settle charges that one of its subsidiaries illegally blocked the launch of low-cost generic versions of the blockbuster sleeping pill Provigil. (5/28)

The pharmaceutical company Cephalon had a cash cow on its hands. In the United States alone, its prescription drug Provigil, which treats sleep disorders, generated over $475 million in sales in 2005 and almost double that in 2007. It made up about half of Cephalon’s business. When the company was faced with an expiring patent and the prospect of generic drug makers selling far cheaper versions of Provigil, it chose to buy off the competition, according to federal regulators. (Ruiz and Thomas, 5/28)

The Justice Department is investigating embattled scope maker Olympus Corp. and its role in recent superbug outbreaks at UCLA and other U.S. hospitals. The Japanese company said it received a subpoena in March from federal investigators that “seeks information relating to duodenoscopes that Olympus manufactures and sells.” The company disclosed the inquiry in a financial filing this month. (Terhune and Petersen, 5/28)