Nordion Inc. (NDZ, NDN.TO) Thursday said it has settled claims filed by Dr. Reddy's Laboratories Ltd. and its affiliates, relating to certain bioequivalence studies carried out by the former MDS Pharma Services business unit.
In 2009, Nordion was served with a complaint from Dr. Reddy's related to repeat study and mitigation costs of $10 million and lost profits of $70 million.
The settlement is expected to result in a loss of $1.4 million in the second quarter. The settlement will also result in a net cash outflow of $17 million that includes insurance proceeds received to date.
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