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Britain fines Pfizer record $107 mln for huge drug price hike

Reuters - UK Focus

LONDON, Dec (Shanghai: 600875.SS - news) 7 (Reuters) - Britain's competition watchdog said on Wednesday it had fined Pfizer (NYSE: PFE - news) a record 84.2 million pounds ($106.54 million) for ramping up the cost of an epilepsy drug by as much as 2,600 percent.

The Competition and Markets Authority also fined Flynn Pharma 5.2 million pounds for its role in hiking prices of phenytoin sodium capsules in 2012.

Pfizer used to market the medicine itself, under the brand name Epanutin, but sold the rights to Flynn in September 2012, after which the product was debranded and the price soared. ($1 = 0.7903 pounds) (Reporting by Ben Hirschler. Editing by Jane Merriman)