£7.8m drug dispute is settled
PHARMACEUTICAL firm Pro-Strakan has signed an agreement with Aventis, settling a long-standing tax dispute.
ProStrakan has agreed to make a payment of 7.8 million in full and final settlement with Aventis against an 11.5m tax liability, incurred by Aventis, arising from the sale of Proskelia sas by ProStrakan in December 2006.
Commenting on the agreement, ProStrakan's chief executive, Dr Wilson Totten, said: "I am pleased that we have been able to reach a satisfactory agreement with Aventis, within the provision that we had already made in our accounts and within our available cash reserves.
"This is a pivotal year for ProStrakan, and we remain focused on our target of achieving break-even before the end of 2009 and our first full year of profitability in 2010."
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