Sun Pharma shares gain 4% after USFDA clears Halol plant
Sun Pharma shares advance as much as 3.74% to Rs560.75 in intraday on BSE after the company gets an EIR from USFDA for its Halol plant in Gujarat
New Delhi: Shares of Sun Pharmaceutical Industries Ltd rose nearly 4% in the early trading on Wednesday after the company received an establishment inspection report (EIR) from the US Food and Drug Administration (USFDA) for its Halol facility in Gujarat.
Sun Pharma shares advanced as much as 3.74% to Rs560.75 in intraday on BSE. Share closed at Rs545.65, up 0.95%.
“Sun Pharmaceutical Industries has received the establishment inspection report (EIR) from the US FDA for the inspection conducted at its Halol facility (Gujarat, India) during the period February 12-23, 2018. The agency concluded that the inspection is now closed and the issues contained in the Warning Letter issued in December 2015 have been addressed,” India’s largest drugmaker said in a statement.
The resolution of the issue paves way for Sun Pharma to resume selling to the US market from this facility. The US business accounts for 35-40% of the revenue for Sun Pharmaceutical, reported Mint. Prior to the FDA action in 2014, the plant accounted for 8-10% of Sun Pharma’s US business, especially injectables.
“This is an important development for Sun Pharma. We remain committed to following the highest levels of quality and 24x7 cGMP compliance at all our manufacturing facilities globally,” Dilip Shanghvi, managing director of Sun Pharma said in a statement,