Shilpa Medicare Ltd enters into settlement agreement with Celltrion, Inc

The company has announced with regards to the Arbitral Award passed by the London Court of International Arbitration., Arbitral Tribunal dated 22 January 2024, wherein the company - Shilpa Medicare Limited was directed to pay Celltrion, INC, an entity registered in Republic of Korea, towards damages for breach, including interest and other legal expenses in lieu of Supply & Distribution agreement entered in September 2019. The estimated total financial impact on the Company was approximately US$ 3.7 million plus interest of approximately US$ 0.6 mn till the date of the award (i.e. 22 January 2024) plus simple interest @8% from the date of the award till the date of the payment.

Both the parties have mutually decided not to go ahead with execution of the said award by entering into a settlement agreement dated 17th April 2025 for an amount of US$ 3.4 million, payable in a staggered manner till July 2025. Payment of the settlement amount is not expected to have any impact on the future operations or other activities of the Company.

Shares of Shilpa Medicare Limited was last trading in BSE at Rs. 671.80 as compared to the previous close of Rs. 660.90. The total number of shares traded during the day was 3150 in over 247 trades.

The stock hit an intraday high of Rs. 676.85 and intraday low of 654.55. The net turnover during the day was Rs. 2101930.00.

Source : Equity Bulls

Keywords

ShilpaMedicare INE790G01031 Pharmaceuticals SettlementAgreement Arbitration CelltrionInc