Shares of Sotera Health Company (SHC) are rallying more than 70% Tuesday morning after the company said its subsidiary Sterigenics reached agreements to settle 870 ethylene oxide cases.
As per the terms of the agreement, Sterigenics will pay $408 million to settle the claims.
"The agreements provide a pathway to comprehensively resolve the claims pending against Sterigenics and Sotera Health LLC in Illinois and thereby enable the Company to focus its full attention on operating the business, serving our customers and delivering on our mission of Safeguarding Global Health," Sotera said in a statement.
SHC, currently at $15.33, has traded in the range of $5.78-$24.90 in the last 1 year.
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