Health and Science

Alexion Pharmaceuticals reportedly under investigation by HHS

Key Points
  • Bloomberg reports that Alexion Pharmaceuticals is being investigated by the inspector general of the Department of Health and Human Services.
  • The focus of the investigation was not disclosed, Bloomberg reports.
  • The news sent the stock to session lows.
Alexion shares down amid HHS investigation

Shares of Alexion Pharmaceuticals fell after Bloomberg reported that the company is being investigated by the Department of Health and Human Services' inspector general.

The company later told CNBC that it is aware that the office is working with the Justice Department and the U.S. attorney for Massachusetts on a previously disclosed inquiry.

In that investigation, the federal prosecutor sought documents related to organizations that "provide financial assistance to Medicare patients taking drugs sold by Alexion" and the company's ties to these organizations. Alexion said it is cooperating with that investigation.

Alexion said it hasn't received a separate subpoena from the inspector general for any other matter.

The stock fell nearly 5 percent, before recovering some of those losses. Shares ended the day about 3 percent lower.

Don White, spokesman for the office of the inspector general, told CNBC: "As a matter of standard law enforcement procedure, OIG neither confirms nor denies investigations that may – or may not – be pending before the agency."

Read the full report on Bloomberg.

— CNBC's Meg Tirrell contributed to this report.