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Drug firm Wockhardt on Thursday said it has settled an ongoing lawsuit over supply contract for a product with Teva Pharmaceuticals.
The company and its subsidiaries-- Wockhardt UK Holdings and CP Pharmaceuticals-- have settled the litigation before the high court in London in relation to a supply contract for a drug named Trisenox, Wockhardt said in a regulatory filing.
The dispute between the parties was in respect of the price charged by CP to its counter party to the contract, Cephalon, an affiliate of Teva Pharmaceuticals.
The litigation proceedings commenced in September 2015.
Under the settlement, CP has agreed to waive its claim for the outstanding trade receivable of GBP 20 million and accordingly dropped its counter claim for the said amount.
It has further paid a sum of GBP 23 million to Teva and Cephalon by way of full and final settlement of Teva's claims.
The high court has accepted the settlement between the parties and a consent order has been issued on June 21, 2017.
Pursuant to this settlement, ongoing litigation stands closed and all claims are dismissed, Wockhardt said.
Shares of Mumbai-based company today ended 3.42 per cent down at Rs 559.20 on the BSE.