Indoco remedies has informed that it has received European GMP certification from Regulatory Authority of Hungary for its Goa- Plant III, a non-sterile manufacturing facility. According to company, the EU GMP certification will enable it to continue exporting the medicinal products to all European countries as well as to Canada, Australia, New Zealand and rest of the emerging territories.

This certification came on February 12, 2018, a day when company received eight USFDA observations on its oral solid dosage facility in Goa – plant I.

The USFDA had issued a warning letter on Indoco’s Goa plant II and III in 2017 and a close out letter is yet to be issued. With the Goa unit III clearing the EU GMP inspection, the pressure is likely to ease on the regulatory front.

We believe this is likely to be seen positively today.

Indoco Remedies Ltd ended at Rs260.55, down by Rs4.05 or 1.53% from its previous closing of Rs264.6 on the BSE.