Strides Arcolab, a pharmaceutical company manufacturing IP-led niche products, announced that the company intends to invest USD 20 million in Biotech business. And after providing for taxes, the balance will be available for distribution to shareholders subject to the approval of board of directors.

Earlier on Thursday, Sept. 25, 2014 the company has agreed to receive from Mylan, USA an amount of USD 150 million as the full and final settlement against the Contingent Holdback of upto USD 250 million.

Shares of the company declined Rs 3.25, or 0.51%, to trade at Rs 632.30. The total volume of shares traded was 82,099 at the BSE (1.41 p.m., Friday).