Peace at Last: Shilpa Medicare and Celltrion Agree to $3.4 Million Settlement

Shilpa Medicare Limited has announced a significant resolution to its long-standing arbitration dispute with South Korea’s Celltrion Inc., agreeing to a settlement of $3.4 million, payable in staggered installments until July 2025. This agreement brings closure to a case stemming from alleged breaches under a Supply & Distribution Agreement signed in September 2019. The dispute, which was previously adjudicated by the London Court of International Arbitration, had originally resulted in an award directing Shilpa Medicare to pay Celltrion approximately $3.7 million plus interest and costs.

 

The settlement, disclosed in regulatory filings, ensures that neither party will pursue further enforcement of the original arbitral award. Shilpa Medicare emphasized that the financial impact of this settlement will not affect its ongoing operations or future business activities. The company continues to focus on expanding its pharmaceutical portfolio and strengthening its global presence, with robust financial performance and ongoing investments in innovation and market reach.

 

This settlement marks a strategic move for Shilpa Medicare, allowing it to resolve legacy issues and concentrate on growth opportunities in key markets.

 

Source: Business Upturn, NSE, BSE, Shilpa Medicare