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Last Updated : Jun 23, 2017 10:09 AM IST | Source: Moneycontrol.com

Wockhardt rises 3% on settlement of supply contract litigation with Teva Pharma

The dispute between parties was in respect of the price charged by CP to its counterparty to the contract, Cephalon Inc.

 
 
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Wockhardt shares gained as much as 3 percent in morning trade Friday after its subsidiaries settled commercial litigation with Teva Pharmaceuticals.

"Wockhardt UK Holdings and CP Pharmaceuticals, in the United Kingdom have settled an ongoing commercial litigation before the High Court in London, UK in relation to supply contract for a drug named Trisenox," the healthcare firm said in its filing.

The dispute between parties was in respect of the price charged by CP to its counterparty to the contract, Cephalon Inc, an affiliate of Teva Pharmaceuticals USA Inc.

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The proceedings commenced in September 2015.

As per settlement, CP Pharma has agreed to waive its claim for the outstanding trade receivable of 20 million pound and accordingly dropped its counterclaim for the said amount and further paid a sum of 23 million pound to Teva and Cephalon by way of full and final settlement of Teva's claims, Wockhardt said.

Pursuant to this settlement, the ongoing litigation stands closed and all claims are dismissed.

At 09:47 hours IST, the stock price was quoting at Rs 569.50, up Rs 10.30, or 1.84 percent on the BSE.

Posted by Sunil Shankar Matkar

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First Published on Jun 23, 2017 10:09 am
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