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Stada sued by administrator of Serbian wholesale group
February 14, 2014 / 3:51 PM / 4 years ago

Stada sued by administrator of Serbian wholesale group

FRANKFURT, Feb 14 (Reuters) - German generic drugmaker Stada Arzneimittel on Friday said the insolvency administrator of Serbian drug wholesale group Velefarm was suing it for 54.2 million euros ($74.1 million).

The administrator wants certain agreements reached in 2010 and 2011 between Stada and Velefarm to be declared invalid, Stada said in a statement, describing the lawsuit as unfounded.

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.

$1 = 0.7317 euros Reporting by Ludwig Burger

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