Nordion International and Dr. Reddy's Laboratories Ltd. (RDY) Settle Claims
3/22/2013 9:28:52 AM
OTTAWA, Ontario--(BUSINESS WIRE)--Nordion Inc. (TSX: NDN) (NYSE: NDZ), a leading provider of products and services to the global health science market, has settled claims filed against Nordion by Dr. Reddy’s Laboratories Ltd. and certain affiliated companies (“Dr. Reddy’s”). Details of the settlement are confidential. During fiscal 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. This legal action, commenced by Dr. Reddy’s in New Jersey, related to certain bioequivalence studies carried out by the former MDS Pharma Services business unit from January 1, 2000 to December 31, 2004.