Alliance Pharma disagrees with CMA findings

UK-based Alliance Pharma (AIM: APH) saw its shares close down 6.9% at 105.54 pence today, after it provided an update on the Competition and Markets Authority (CMA) investigation first announced in May 2019 in which four companies, including Alliance, have been subject to a lengthy investigation.

Following the investigation, the CMA has announced its finding that all four companies, including Alliance, have infringed competition law.

Alliance fundamentally disagrees with the CMA's finding and confirms that it did not participate in, or profit from, any market sharing arrangement and refutes any involvement in the alleged competition law infringement. Alliance will be appealing the CMA's decision, and the proposed fine of £7.9 million ($10.7 million), at the Competition Appeal Tribunal.