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EU Court upholds 52.5m euro fine against AstraZeneca Group

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EU Court upholds 52.5m euro fine against AstraZeneca Group

Thu, 06 December 2012
EU Court upholds 52.5m euro fine against AstraZeneca Group
AstraZeneca Quote more

Price: 4,606.00

Chg: 41.00

Chg %: 0.90%

Date: 10:15

Global biopharmaceutical group AstraZeneca (AZ) has lost an appeal over a 52.5m euro fine relating to the way that its subsidiaries AstraZeneca AB and AstraZeneca Plc marketed an ulcer-treating drug.

The case, which dates back to 2005 and has been subject to two appeals, surrounds the way that the group made representations to the patent offices of certain Members states.

The Court of Justice of the European Union stated that the group had abused its dominant position by preventing the marketing of generic products replicating Losec, its ulcer-treating drug.

The Court announced on Thursday that it had rejected the arguments advanced by the two companies owned by AstraZeneca. It concluded that the General Court was fully entitled to hold that AstraZeneca’s conduct was in breach of competition on the merits and therefore counted as an abuse of a dominant position.

A spokesperson at AstraZeneca commented to ShareCast: “AZ is disappointed with the Court of Justice’s decision that AZ’s appeal should be dismissed. AZ takes compliance with all laws seriously and has a fundamental commitment to doing business in an ethical and proper manner.”

AstraZeneca’s share price was unchanged at 12:02 on Thursday.

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