Wockhardt bounces back from new low

Wockhardt had yesterday hit a new 52-week low at Rs.555 and today it opened higher at Rs.568, going up to Rs.577. It is currently the second top gainer on the BSE.

The market has heaved a sigh of relief that the overhand of the ongoing litigation with Cephalon.

The company, yesterday after market hours, issued a Press Release stating that its UK subsidiaries—Wockhardt UK Holdings Ltd and CP Pharmaceuticals Ltd—have settled a litigation relating to supply contract for cancer drug Trisenox with Teva Pharmaceuticals USA Inc.’s affiliate company Cephalon Inc.

The dispute between the parties was with regards to price charged by CP Pharmaceuticals for this drug to Cephalon. The proceedings of the case commenced in the high court of London in September 2015.

CP Pharmaceuticals has paid £23 million (Rs188 crore) to Teva and Cephalon for final settlement of the latter’s claims. It has also waived £20 million of receivable from Cephalon.