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United Kingdom
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UK CAT upholds Chapter II liothyronine excessive pricing decision; dismisses Advanz, Cinven and HgCapital; confirms dominance, rejects NHS buyer power; reduces Cinven and HgCapital fines by removing deterrence uplift

Practice notes
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CASE HUB ARCHIVED —this archived case hub reflects the position at the date of the judgment of 8 August 2023; it is no longer maintained. See further, timeline.

Case facts

Outline Appeals were brought by HgCapital, Cinven and Mercury Pharmaceuticals (among others) contesting the CMA’s Chapter II finding on excessive and unfair pricing of liothyronine tablets, which identified an abuse of dominance and levied penalties exceeding £101.4m.

Latest development

On 8 August 2023, the CAT handed down its judgment: (i) it rejected the appellants’ challenges to the CMA’s decision; however, (ii) it cut Cinven’s penalty from £51.9m to £37.1m and HgCapital’s from £8.6m to £6.2m.

Parties

Appellants:

  • HG Capital LLP (HgCapital)
  • Cinven (Luxco 1) S.a.r.l. and others (Cinven)
  • Mercury Pharmaceuticals Ltd, Advanz Pharma Services (UK) Ltd and others (Advanz Pharma—formerly trading as Concordia)

Respondent in all cases:

  • Competition and Markets Authority (CMA).

Cinven and HgCapital are private equity firms that previously owned entities within the Concordia (now Advanz Pharma) group.

Background

CMA investigation

The CMA began its inquiry on 25 October 2016, and in May and November 2017 issued decisions confirming it would press on with the investigation...

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Web page updated on 22/05/2026

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