Authorities visit Alexion's Brazil location

Alexion Pharmaceuticals Inc. (NASDAQ:ALXN) slipped $4.34 to $124.48 on Monday, shedding nearly $1 billion in market cap, after media reports said Brazilian authorities had raided its Sao Paulo office as part of an investigation into its sales practices. Spokesperson Kim Diamond acknowledged that authorities visited its Brazilian facility, and provided a company statement noting that Alexion "has not been charged with any criminal or civil misconduct at this time."

According to regulatory filings, the company is under investigation for violations of the Foreign Corrupt Practices Act in several territories, including Brazil. The company has said it received a subpoena in 2015 in relation to an SEC investigation "related to our grant-making activities and compliance with the FCPA." It also reported a request from the Department of Justice for "the voluntary production of documents and other information pertaining to Alexion's compliance with FCPA."...