AgenciesRelated
NEW DELHI: Dr Reddy's Laboratories on Tuesday said it has been asked to pay $46.25 million (around Rs 339 crore) to Australia-based Hatchtech Pty Ltd as part of an asset purchase agreement between the two parties in 2015.
The company is in receipt of an arbitration award issued by the US-based International Center for Dispute Resolution whereby a subsidiary has been asked to pay an amount of $46.25 million towards milestones, interest and fees to Hatchtech, the Hyderabad-based drug major said in a regulatory filing.
The company is exploring all legal options to challenge the award, it added.
On July 27, 2020, Dr Reddy's had announced the receipt of an approval of XEGLYZE under the NDA (new drug application) category from the US Food and Drug Administration (USFDA).
Such approval triggered the contractual pre-commercialisation milestone of $20 million payable to Melbourne-headquartered Hatchtech Pty Ltd.
The company is in receipt of an arbitration award issued by the US-based International Center for Dispute Resolution whereby a subsidiary has been asked to pay an amount of $46.25 million towards milestones, interest and fees to Hatchtech, the Hyderabad-based drug major said in a regulatory filing.
The company is exploring all legal options to challenge the award, it added.
On July 27, 2020, Dr Reddy's had announced the receipt of an approval of XEGLYZE under the NDA (new drug application) category from the US Food and Drug Administration (USFDA).
Such approval triggered the contractual pre-commercialisation milestone of $20 million payable to Melbourne-headquartered Hatchtech Pty Ltd.
Read More News on
Download The Economic Times News App to get Daily Market Updates & Live Business News.
