28th Apr 2016 07:09
LONDON (Alliance News) - Victrex PLC on Thursday said it has entered into a consent decree with the US Federal Trade Commission concerning the inquiry into the sale and marketing of implantable grade PEEK polymer in the US by the group's subsidiaries, Invibio Inc and Invibio Ltd.
The consent decree will apply to all of Invibio's existing and future customer contracts, Victrex said, and means Invibio is unable to enter agreements or engage in practices that require its customers to purchase PEEK, a colourless thermoplastic polymer, exclusively at or beyond the device level from Invibio.
However, Victrex noted there are exceptions for certain circumstances, including where Invibio is working with its customers on custom components or in joint developments.
Victrex, a polymer products company which makes pipes, films and coatings, said it made the decision to enter into the consent degree and end the investigation quickly, to ensure that management time, resources and focus remains on product and market innovation.
Victrex added that the consent degree is clear that it has not admitted any violations of law and said there are no penalties or fines. The company added that the decree will resolve all outstanding matters pending the FTC. Victrex said it does not expect the consent decree to have a material impact on its business.
Shares in Victrex were down 11% at 1,345.00 pence on Thursday morning.
By Hannah Boland; [email protected]; @Hannaheboland
Copyright 2016 Alliance News Limited. All Rights Reserved.
Related Shares:
Victrex