Shilpa Medicare Limited has entered into a settlement agreement with Celltrion Inc., a South Korea-based pharmaceutical company, thereby resolving an ongoing arbitration dispute. The company informed exchanges that both parties have mutually agreed not to pursue execution of the earlier arbitral award passed by the London Court of International Arbitration dated January 22, 2024.
As per the original award, Shilpa Medicare was directed to pay Celltrion approximately USD 3.7 million, along with interest of USD 0.6 million and an additional 8% simple interest from the date of the award. The dispute was related to alleged breaches under a Supply & Distribution Agreement signed between the two parties in September 2019.
In a regulatory filing on April 17, 2025, the company confirmed that a settlement amount of USD 3.4 million has been agreed upon, payable in a staggered manner by July 2025.
Shilpa Medicare clarified that the settlement will not have any impact on its future operations or other ongoing activities.
