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Herantis Pharma Announces Decision in Arbitration Proceedings with Finvector

Friday, Feb 26, 2016

Herantis Pharma Oyj In March 2015, Finvector Vision Therapies Ltd ("Finvector") initiated arbitration proceedings against Herantis Pharma Plc's subsidiary Laurantis Pharma Ltd and a number of its former shareholders.

Finnish Court of Arbitration has given its final award on Feb. 25, 2016.

Arbitral tribunal has held that there has been no alleged breach of shareholders' agreement and thus Finvector is not entitled to claim damages.

Says Finvector's claim is dismissed in full and Finvector is obligated to pay to Laurantis and its former shareholders as compensation for the legal costs about 200,000 euros ($220,180.00).

Compensation to Laurantis is about 50,000 euros.

Decision does not impact its 2016 outlook.

 

Source : reuters.com

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