Concordia International (CXRX) Says It's Part of Inquiry by UK's CMA

October 25, 2016 11:10 AM EDT

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Concordia International Corp. (NASDAQ: CXRX) today announced that the UK Competition and Markets Authority (CMA) is investigating various issues in relation to the UK pharmaceutical sector, and that Concordia's International segment is part of the inquiry.

The CMA's investigation includes matters that pre-date Concordia's ownership of the International segment. Concordia acquired the International segment as a result of its transaction to purchase Amdipharm Mercury Limited, which closed on October 21, 2015.

The CMA confirmed that it has not reached a view as to whether there is sufficient evidence of any infringement for it to issue a statement of objections.

The Company commented: "We are working cooperatively to better understand the CMA's positon and we will continue to work constructively to resolve the matter. Although Concordia has also had past discussions with the CMA regarding the supply of certain of its products in the UK, this is the first interaction with the CMA regarding the Company's pricing. There has been speculation in the press about these issues and this affords us the opportunity to have an objective discussion about our products and their contribution to the healthcare system."



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