Mumbai, Maharashtra, India
On 9th July 2014, the European Commission (the EU's top competition regulator)
decided to impose a wholly unjustified fine on Niche /Unichem (jointly and
severally) contending that it had acted in breach of EU Antitrust Rules. The
European Commission reached this conclusion because its subsidiary, Niche
Generics Ltd (Niche), agreed to settle financially crippling patent litigation
with Laboratories Servier (Servier) at the beginning of 2005.
Unichem vehemently denies any wrongdoing on the part of either itself or Niche.
Moreover, Unichem was not involved in the agreement to settle the litigation
with Servier back in 2005 as it only took full ownership of Niche late in 2006.
Unichem cannot in any way see how it can be held accountable for what was in any
event a pro-competitive act on the part of its then only part-owned subsidiary
Unichem will vigorously appeal the European Commission decision to the EU courts
and seek to attain the correct result in this matter a result which is in the
best interests of the consumer. While Unichem presses ahead with its intention
to have the European Commission's decision overturned it intends to carry on its
business as usual.
More information about the Company can be found at www.unichemlabs.com
Media Contact Details
Rakesh Parikh, Unichem Laboratories Limited, +91 (22) 66888414
Monish Shah, Unichem Laboratories Limited, +91 (22) 66888509
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-0- Jul/10/2014 12:28 GMT
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