London, United Kingdom: Britain's competition authority has fined drug maker GlaxoSmithKline plc 37.6 million pounds ($54.5 million) for stalling the potential entry of generic competitors of an anti-depressant drug Seroxat into the marketplace.
The fine levelled today is the largest since the Competition and Markets Authority's inception in 2014.
The authority fined the pharmaceutical company for making payments and other transfers of more than 50 million pounds to generic suppliers of the drug, also known as paroxetine. The authority says that GSK first sued generic drugmakers Generics (UK) Limited and Alpharma Limited, but later settled, paying for them to delay their entry into the market.
The generic companies were also fined. In all, the authorities leveled 45 million pounds in fines connected to the matter.
GSK disagrees with the decision and may appeal.
(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)
The fine levelled today is the largest since the Competition and Markets Authority's inception in 2014.
The authority fined the pharmaceutical company for making payments and other transfers of more than 50 million pounds to generic suppliers of the drug, also known as paroxetine. The authority says that GSK first sued generic drugmakers Generics (UK) Limited and Alpharma Limited, but later settled, paying for them to delay their entry into the market.
GSK disagrees with the decision and may appeal.
Advertisement
COMMENTS
Advertisement
CCI Okays Acquisition Of 100% Shares In GlaxoSmithKline Asia By Parent Group Entities Unilever Shows Interest In GSK's Consumer Health Business UK Approves GlaxoSmithKline Drug, Appears Effective Against Omicron Barack Obama Wants Joe Biden To Pull Out Of US Presidential Race: Report World's Largest Isolated Tribe Makes Rare Appearance In New Footage 32 Dead In Bangladesh Unrest, Protesters Set Fire To State TV Headquarters Comedy Legend Bob Newhart Dead At 94: Publicist Israeli Strike Kills Field Commander In Elite Hezbollah Unit: Report Delhi-San Francisco Air India Flight Diverted To Russia After Engine Glitch Track Latest News Live on NDTV.com and get news updates from India and around the world.