Strides Pharma Science and its wholly-owned subsidiary completed the sale to Mylan Laboratories and Mylan Institutional of Agila Specialties and Agila Specialties Global in December 2013 for a total consideration of up to $1.75 billion
Strides Pharma Science will receive $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 to Mylan in 2013. Strides Pharma Science and its wholly-owned subsidiary completed the sale to Mylan Laboratories and Mylan Institutional of Agila Specialties and Agila Specialties Global 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 full and final release of the general claims escrow immediately,” Strides said in a regulatory filing.
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