Celltrion Arbitral Award

Shilpa Medicare has received a favorable arbitral award in its long-running commercial dispute with South Korea's Celltrion Inc. The arbitration tribunal ruled that Celltrion's termination of their biologics manufacturing and supply arrangement was wrongful and amounted to a breach of the agreement. The tribunal upheld Shilpa Medicare's contractual rights related to the manufacture and supply of biosimilar products including trastuzumab. Specific financial relief or damages granted are still being evaluated and will be disclosed separately. This marks a significant legal victory for the company in a dispute that had been an overhang on its biologics business.