Elite settles with Novel Labs

|About: Elite Pharmaceuticals,... (ELTP)|By:, SA News Editor

Elite Pharmaceuticals (ELTP +9.5%) settles its claims with Novel Laboratories and other parties regarding the termination of their Strategic Alliance Agreement. In addition, the parties paid Elite $5M for 9,800 shares of Novel Class A common stock. This resolves all disputes and claims between the parties and ends Elite's ownership in Novel.