Wockhardt and its two subsidiaries, Wockhardt UK Holdings and CP Pharmaceuticals (CP), in the United Kingdom (collectively Wockhardt) have settled an ongoing commercial litigation before the High Court in London, United Kingdom in relation to a supply contract for a drug named Trisenox.

The dispute between the parties was in respect of the price charged by CP to its counterparty to the contract, Cephalon Inc, (Cephalon) an affiliate of Teva Pharmaceuticals USA, Inc. (Teva). The proceedings commenced in September 2015.

Under the terms of settlement, CP has agreed to waive its claim for the outstanding trade receivable of GBP 20 million and accordingly dropped its counterclaim for the said amount and further paid a sum of GBP 23 million to Teva and Cephalon by way of full and final settlement of Teva's claims.

The High Court has accepted the settlement between the parties and a Consent Order was issued on June 21, 2017. Pursuant to this settlement the ongoing litigation stands closed and all claims are dismissed.

Shares of the company gained Rs 14.5, or 2.59%, to trade at Rs 573.70. The total volume of shares traded was 126,208 at the BSE (10.25 a.m., Friday).