Austar Lifesciences (HKG:6118) said its subsidiary Shanghai Austar Pharmaceutical Technology Equipment agreed to terminate its relocation compensation agreement with Songjiang District Yongfeng Street Urban Industrial Park Management Committee, a Tuesday Hong Kong bourse filing said.
Shanghai Austar Pharmaceutical was to receive 92.3 million yuan from the park committee as compensation for having to relocate from the land situated in Songjiang, Shanghai.
Due to changing circumstances, the parties have terminated the agreement with Shanghai Austar Pharmaceutical receiving no payment under the terminated agreement.
The group has already relocated its manufacturing and other facilities to a new premise in Songjiang area of Shanghai which started operations in the first half of 2023.
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