Strides Pharma gains 3% as co to receive $42 mn from Agila transaction

Strides will receive around $42 million towards full and final release of the General Claims Escrow immediately.

Strides Pharma Science shares advanced 3 percent in morning on Wednesday as the company is going to receive $42 million from Agila transaction.

The company and its wholly owned subsidiary, Strides Pharma Asia Pte Ltd completed the sale to Mylan Laboratories Limited and Mylan Institutional Inc of Agila Specialties Private Limited and Agila Specialties Global Pte Limited respectively. The transaction was pursuant to Sale and Purchase Agreements effective as of February 27, 2013 on December 04, 2013.

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, said the company. Hence, Strides will receive around $42 million towards full and final release of the General Claims Escrow immediately.

At 10:14 hours IST, the stock was quoting at Rs 474.50, up Rs 2.25, or 0.48 percent on the BSE.

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