Britain’s competition regulator fined private equity firms Cinven and Hg after a pharmaceutical firm they once owned was found to have overcharged for crucial drugs.
Cinven and Hg, based in London, previously owned businesses that are now part of Advanz. The penalty is Cinven’s second in two weeks, after the CMA fined the firm and Advanz for allegedly colluding to keep the price of hydrocortisone tablets high. “Cinven is named under the principle of parental liability only as former parent of AMCo and does not believe that any Cinven entity broke the law,” a Cinven spokesperson said. “Cinven strongly disagrees with the CMA’s findings and will be appealing the CMA’s decision.”
The price of thyroid tablet packs rose from £20 in 2009 to £248 in 2017, the CMA said. The “excessive and unfair” increases meant National Health Service spending on the drug rose to more than £30m by 2016 from £2.3m in 2009, according to the statement.
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