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Strides Pharma to receive USD 42 mln after winning arbitration on Agila sale

Devdiscourse News Desk new delhi India
Updated: 19-12-2018 11:58 IST

Strides Pharma Science Wednesday said it will receive USD 42 million (approx Rs 295 crore) from an escrow account after an international arbitration panel rejected US-based Mylan's claims over sale of its injectables producer Agila Specialities Private to Mylan in 2013.

Strides Pharma Science and its wholly-owned subsidiary completed the sale to Mylan Laboratories and Mylan Institutional of Agila Specialties Private Limited and Agila Specialties Global Pte Ltd in December 2013 for a total consideration of up to USD 1.75 billion.

"Mylan made claims against the general claims escrow which included a third-party claim that was subject to resolution under international arbitration. The claims in that arbitration were rejected in their entirety.

"Strides will receive USD 42 million towards full and final release of the general claims escrow immediately," Strides said in a regulatory filing.

Shares of Strides were trading 0.69 per cent lower at Rs 469 apiece on BSE.

(With inputs from agencies.)