Mumbai: Wockhardt Ltd said on Thursday its UK subsidiaries—Wockhardt UK Holdings Ltd and CP Pharmaceuticals Ltd—have settled a litigation relating to supply contract for cancer drug Trisenox with Teva Pharmaceuticals USA Inc.’s affiliate company Cephalon Inc.
The dispute between the parties was with regards to price charged by CP Pharmaceuticals for this drug to Cephalon, Wockhardt said in a stock exchange filing. The proceedings of the case commenced in the high court of London in September 2015.
CP Pharmaceuticals has paid £23 million (Rs188 crore) to Teva and Cephalon for final settlement of the latter’s claims, the company said in the filing. Wockhardt’s subsidiary has also waived £20 million of receivable from Cephalon.
On Thursday, shares of Wockhardt fell 3.4% to Rs559.20 on BSE, while the benchmark Sensex closed little changed at 31,290.74 points.