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.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
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.
MF
-
8 of the best properties for sale near ski slopesThe best properties for sale near ski slopes – from a luxury cabin in Geilo, one of Norway’s premier ski resorts, to a large chalet in Valais, Switzerland
-
Cash hoarders take total UK savings to £2 trillion – why aren’t we investing?Investment-shy Brits are hoarding huge amounts of cash in their savings accounts. We look at the case for saving versus investing.
