Pershing Square Activist Presentation Deck
Novartis: A Recent Case Study
Timeline of Events
Nov 2011: qui tam/
whistleblower complaint
filed under seal by former
Novartis employee, initiating
an investigation by DOJ
2011
N
April 2013: DOJ intervened and
filed a Complaint-in-Intervention
April 2013: Novartis said in a
statement that it disputed the
government's claim and would
defend itself
2013
July 2013: Novartis discloses
civil investigative demand (CID)
and related details in its quarterly
6K filing and states they are
cooperating with investigation
Source: Company filings, legal filings, news reports.
Jan 2014: DOJ filed Amended
Complaint-In-Intervention
Jan 2014: Specialty pharmacy BioScrip
reached a settlement with the
Government; agreed to pay $15mm to
federal and state claimants, and to
cooperate in the prosecution of claims
against Novartis and admit numerous
facts regarding its relationship with
Novartis
2014
August 2014: DOJ filed
Second Amended
Complaint-In-Intervention
2015
June 2015: Government
seeks $3.35bn in treble
damages and civil penalties
May 2015: Specialty pharmacy
Accredo reached a settlement with
the Government; agreed to pay
$60mm to federal and state
claimants, and to cooperate in the
prosecution of claims against
Novartis and admit numerous facts
regarding its relationship with
Novartis
Oct 27 2015: announced
an agreement in principle
to settle the case for
$390M; payment covers all
claims related to five drugs
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