Wockhardt Ltd, Cephalon Inc settle litigation
DSIJ Intelligence / 23 Jun 2017
Wockhardt Ltd and its UK subsidiaries, Wockhardt UK Holdings Ltd and CP Pharmaceuticals Ltd (CP) have settled an ongoing litigation relating to supply contract for cancer drug Trisenox with Teva Pharmaceuticals USA Inc.’s an affiliate company of Cephalon Inc.
Wockhardt Ltd and its UK subsidiaries, Wockhardt UK Holdings Ltd and CP Pharmaceuticals Ltd (CP) have settled an ongoing litigation relating to supply contract for cancer drug Trisenox with Teva Pharmaceuticals USA Inc.’s an affiliate company of Cephalon Inc.
Wockhardt Limited is a pharmaceutical and biotechnology company. Its businesses include manufacture and marketing of pharmaceutical and bio-pharmaceutical formulations, active pharmaceutical ingredients (APIs) and vaccines.
The dispute was regarding the price charged by CP Pharmaceuticals to Cephalon.
Wockhardt’s subsidiary CP has also waived £20 million of receivable from Cephalon. CP Pharmaceuticals has paid £23 million (Rs 188 crore) to Teva and Cephalon for final settlement of the Teva’s claims.
At Rs 572.30 per share on Friday at 0919 hours on BSE, Wockhardt was trading higher by 2.3%. It hit a high of Rs 576.90 and a low of Rs 568 in the morning session.
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