Strides to get $42 m from escrow account after winning arbitration on Agila sale

money.ie

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.