Strides Arcolab today announced that the company has agreed to receive an amount of USD 150 million from Mylan, USA for the full and final settlement of Agila Specialties divestment deal. The amount is USD 100 million less against the contingent holdback of upto USD 250 million due to the US FDA alert.
Strides Arcolab is a pharmaceutical company with a key focus on development and manufacture of IP-led niche generics and bio-pharmaceuticals. Mylan is one of the largest generics and specialty pharmaceutical companies in the world.
Recently, Strides announced that Gilead Sciences has licensed the company to produce generic sofosbuvir and investigational single tablet regimen of ledipasvir/sofosbuvir for treatment of chronic hepatitis C.
Shares of the company declined Rs 34.65, or 4.93%, to trade at Rs 668.90. The total volume of shares traded was 86,629 at the BSE (11.12 a.m., Thursday).