Shares of Indoco Remedies ended ~9% higher on Friday after the company said that the USFDA has cleared the sterile manufacturing facility at Verna Industrial Area, Goa (Plant II).
“As a major relief, the USFDA has cleared the sterile manufacturing facility of Indoco Remedies Limited, for Finished Dosages, located at Verna Industrial Area, Goa (Plant II). This is an outcome of the recent inspection conducted by the US drug regulator in November 2018,” the company said in the filing.
The change in the Inspection Classification status from 'Official Action Initiated' (OAI) to 'Voluntary Action Initiated' for Indoco Remedies Limited, by USFDA, signifies that the site has come out of the 'Warning Letter' issued to the site in March 2017.
Several pending ANDAs from this facility will now be approved, the company added.
Indoco Remedies Ltd ended at Rs202.70, up by Rs16.05 or 8.6%, from its previous close of Rs186.65 on the BSE. The scrip opened at Rs187.30 and has touched a high and low of Rs213.45 and Rs184.50, respectively.
|