Oct. 31 (UPI) -- The European Commission fined Teva Pharmaceuticals $503 million for delaying competition posed by rival generic drugmakers, the company's second major financial penalty this month.

The Israel-based company said it was 'deeply disappointed' by the EU's fine

The European Commission has fined Israeli generic drugmaker Teva more than 460 million euros ($500 million) for improperly seeking to protect the patent for its multiple sclerosis drug and for disparaging a rival company’s development of a competing medicine.