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


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.

Also Read: Strides Pharma board approves USD 15 million investment in Stelis Biopharma



Source: PTI
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