/ Wockhardt Rises 3% on Settlement Of Supply Contract Litigation With Teva Pharma ~ Ways2Capital|Stock Tips|Stock Market Tips|Intraday Stock Tips|Stock Trading Tips|NSE BSE Tips

Friday, 23 June 2017

On Friday Wockhardt shares gained 3% after its subsidiaries settled commercial litigation with Teva Pharmaceuticals. The healthcare firm said in its filing that Wockhardt UK holding and Cp Pharmaceuticals, in the United Kingdom have settled an ongoing commercial litigation before the high court in London, Trisenox drug is supplied by UK.

Cephalon Inc, an affiliated of Teva pharmaceuticals USA Inc is charged a price to its counterpart to the contract in which disputing parties are in respect.

In September 2015, further proceedings commenced. Wockhardt said that as per settlement, CP pharma has agreed to waive its claim for the outstanding trade receivable of 20 million pounds and according dropped its counterclaim for the said amount and further paid a sum of 23 million pounds to Teva claims. The stock was quoting at Rs 569.50, up Rs 10.30. or 1.84% on the BSE.

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