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Court of Appeal upholds CMA’s excessive pricing findings and penalties

09/05/25

The CMA in 2021 held in its decision on excessive pricing in liothyronine that the appellants had abused their dominant position on the market for the sale of liothyronine tablets used to treat patients with a thyroid hormone deficiency, by charging excessive and unfair prices for those drugs. It thus imposed fines totalling £99 million on each of the Hg, Cinven and Advanz Pharma Groups.

In 2023, on appeal, the CAT upheld the CMA’s findings of infringement and dismissed the appeals brought by the appellants. However, it reduced the penalties imposed on the “Cinven” and “Hg” appellants. Thereafter Hg settled its case with the CMA.

The Court of Appeal has upheld the CMA’s findings of infringement, dismissing the applications for permission to appeal by Cinven and Advanz Pharma. It also reinstated the CMA’s original penalty against the “Cinven” appellants (following the CMA’s cross-appeal).

The judgment of the Court can be found here.

Prof. David Bailey and Jennifer MacLeod acted as junior counsel for the CMA.

Robert O’Donoghue KC and Emily MacKenzie acted for Cinven, instructed by Clifford Chance LLP.

Hugo Leith and Daniel Piccinin KC were involved in the trial at first instance for the CMA and Hg respectively