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Italy: Novartis loses appeal of collusion fines

 |  December 2, 2014

Switzerland-based pharmaceutical company Novartis announced Tuesday that it has lost its appeal of a competition fine issued by Italian officials for anticompetitive conduct.

According to reports, a regional court in Italy upheld fines issued to Novartis and its rival Roche for anticompetitive conduct; the nation’s Competition Authority sanctioned the companies last March after finding the firms had colluded to prevent market entry of a cancer drug for use as an eye disease treatment. The companies were fined $226 million, reports say.

While the fines were upheld, Novartis still denies the decision. “Novartis firmly rejects the accusations of anticompetitive practices and any allegations of anticompetitive behavior are unfounded and without merit,” the company said in a statement, adding that the company will appeal this decision as well.

Full content: Reuters

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