FRANKFURT Dec 18 German drugmaker Stada said on Friday it had resolved a legal dispute with Serbian drug wholesale group Velefarm, with both sides waiving claims against each other.
The insolvency administrator of Velefarm had sued Stada for 54.2 million euros last year, demanding that certain agreements reached in 2010 and 2011 between Stada and Velefarm to be declared invalid.
Velefarm in 2010 was no longer able to pay Stada in Serbia, one of Stada's largest markets, which led to a debt restructuring contract between the two sides.
Stada said on Friday the insolvency administrator had waived the 54.2 million euro claim. In return, Stada subsidiary Hemofarm waived most of a single-digit million euro claim against Velefarm, which Stada already fully impaired in 2010. (Reporting by Maria Sheahan; Editing by Arno Schuetze)
.