Successful appeal of CMA decision
Updated : 15:09
For immediate release | 23 May 2024 |
ALLIANCE PHARMA
("Alliance", "Company" or the "Group")
Successful appeal of CMA decision
Alliance Pharma plc (AIM: APH), the international healthcare group, today provides an update on the appeal against the Competition and Markets Authority ("CMA") decision regarding anti-competitive conduct in relation to four companies.
The Competition Appeal Tribunal ("CAT") has issued its judgment on Alliance Pharmaceuticals Limited & Others vs CMA setting aside the CMA's decision. We are delighted that Alliance has been successful in its appeal.
The judgment can be viewed at this link: https://www.catribunal.org.uk/cases/143211222-advanz-pharma-corp
Further announcements will be made as appropriate.
Background
On 23 May 2019 Alliance announced that the CMA had issued a Statement of Objections to four companies, including Alliance, alleging anti-competitive agreements in relation to the sale of prescription prochlorperazine, a small, out-licensed product in Alliance's pharmaceutical portfolio from June 2013 until July 2018.
On 3 February 2022 the CMA issued its finding that all four companies had infringed competition law and imposed fines including £7.9m for Alliance, which was provided for in the 2021 accounts.
Alliance filed its appeal with the CAT on 4 April 2022.
On 23 May 2024, the Tribunal handed down its judgment setting aside the CMA's decision and finding that there was no breach of competition law.
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) 596/2014 AS IT FORMS PART OF UK DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 ("MAR"), AND IS DISCLOSED IN ACCORDANCE WITH THE COMPANY'S OBLIGATIONS UNDER ARTICLE 17 OF MAR.
For further information:
Alliance Pharma plc | + 44 (0)1249 466966 |
Cora McCallum, Head of Investor Relations & Corporate Communications | + 44 (0)1249 705168 |
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Buchanan | + 44 (0)20 7466 5000 |
Mark Court / Sophie Wills |
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Deutsche Numis (Nominated Adviser and Joint Broker) | + 44 (0)20 7260 1000 |
Freddie Barnfield / Duncan Monteith / Sher Shah |
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Investec Bank plc (Joint Broker) | + 44 (0)20 7597 5970 |
Patrick Robb / Lydia Zychowska |
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About Alliance
Alliance Pharma plc (AIM: APH) is a growing consumer healthcare company. Our purpose is to empower people to make a positive difference to their health and wellbeing by making our trusted and proven brands available around the world.
We deliver organic growth through investing in our priority brands and channels, in related innovation, and through selective geographic expansion to increase the reach of our brands. Periodically, we may look to enhance our organic growth through selective, complementary acquisitions.
Headquartered in the UK, the Group employs around 285 people based in locations across Europe, North America, and the Asia Pacific region. By outsourcing our manufacturing and logistics we remain asset-light and focused on maximising the value we can bring, both to our stakeholders and to our brands.
For more information on Alliance, please visit our website: www.alliancepharmaceuticals.com
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