The News Minute | October 16, 2014 | 07:58 pm IST

New DelhI: Drugmaker Ranbaxy Laboratories on Thursday said it has settled the litigation concerning its participation in the Texas Medicaid Program and agreed to pay $39.75 million.

The company has informed this to the Bombay Stock Exchange (BSE) in a filing.

It said: "Ranbaxy has settled the litigation concerning its participation in the Texas Medicaid Program. Under the settlement agreement, Ranbaxy will make payments to the State of Texas totalling $39.75 million in a series of tranches through August 2015."

The company is in the process of being acquired by larger rival Sun Pharmaceutical Industries Ltd.

Ranbaxy shares traded at Rs.589.85 per share, down 1.37 percent, at the BSE during the closing at 4 p.m. on Thursday.

With IANS