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Shares in generic drugmakers are tumbling, after one of the largest, Perrigo, said its offices had been searched by investigators conducting a federal probe on price collusion.

The Department of Justice’s price-fixing probe has been hanging over the industry for months.

Teva, the world’s largest generic drugmaker, was down 3.1 per cent in early New York trading, while Mylan, the second biggest, was down 3.6 per cent.

Lannett, which also missed expectations for quarterly earnings, was down 15 per cent.

Copyright The Financial Times Limited 2017. All rights reserved.

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