Strides to get approx Rs 2.95 billion after Mylan's claims over Agila sale get rejected

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 $1.75 billion.

New Delhi: Strides Pharma Science on Wednesday said it will receive $42 million (approx Rs 2.95 billion) from an escrow account after an international arbitration panel rejected US-based Mylan's claims over the 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 $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 $42 million towards the full and final release of the general claims escrow immediately," Strides said in a regulatory filing.