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Tianyao Pharmaceuticals faces penalty for market division, price-fixing in China's fluocinolone acetonide market

( April 6, 2021, 06:52 GMT | Official Statement) -- MLex Summary: Tianjin Tianyao Pharmaceuticals on April 1 received a notification from the Tianjin municipal Administration for Market Regulation, which said the regulator was seeking to fine the company 35.1 million yuan ($5.4 million), equivalent to 4 percent of its revenue for 2019, for dividing the market for the sale of fluocinolone acetonide and fixing the price of the pharmaceutical ingredient, according to a stock exchange filing by Shanghai-listed company. Tianyao said in the filing that the regulator was also planning to confiscate 8.9 million yuan in illicit gains from the company. The regulator has yet to issue a formal penalty decision.Tianyao Pharmaceuticals’ filing is attached....

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