Pershing Square Activist Presentation Deck
Novartis: A Recent Case Study
Key Considerations
▸ Manhattan U.S. Attorney Preet Bharara alleged that Novartis was a
"repeat offender" as the Company was already under a 2010 CIA over
kickback allegations
► Alleged misconduct took place over nearly a decade and involved
dozens of specialty pharmacies
161k+ false claims alleged which covered $507.5mm of
reimbursements by government healthcare programs
Volume of claims resulted in $3.35bn in damages and civil fines sought
▸ Fraud created safety risk for patients
■ At least one of the products in question was alleged to cause "serious,
potentially life-threatening" side-effects and had a "black-box" warning
■ Pharmacists masquerading as objective medical advisors assured
patients that their side-effects would improve with no consideration for
their actual medical circumstances
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