BackWockhardt shares rise 7% as FDA inspection at Maharashtra plants end
According to a media report, FDA has completed the inspection at Wockhardt's plants, which are still under an import alert
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Wockhardt Ltd shares rose about 7% to ₹ 1,520 on the BSE following news reports that inspection by the US Food and Drug Administration (FDA) were completed at its plants in Waluj and Chikalthana in Maharashtra.
According to a report by CNBC-TV18, FDA has completed the inspection at its plants, which are still under an import alert. When an import alert is in force, drug makers are not allowed to sell products in the US market.
Last month, Wockhardt withdrew batches of about 13 drugs manufactured at these plants from the US market.
Wockhardt’s L1 Chikalthana plant produces the Metoprolol XR drug used for treating blood pressure, while the Waluj plant manufactures injectables and solid dosages. Both plants had been under the FDA’s radar since 2013.
In November 2013, the US regulator issued issued an import alert against the Chikalthana plant after it was found to have failed to comply with good manufacturing practice. In May 2013, The US regulator imposed a ban on the company’s Waluj plant, after violations of GMP were detected.
Wockhardt’s sales in the US market contributed 45% of its revenue in 2013-14. Wockhardt reported a 14% increase in net profit to ₹ 347 crore for the December quarter. It reported a 11.8% rise in revenue to ₹ 1,382 crore in the three months from a year ago.
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