Ajanta Pharma soars after US FDA issues no observations at Dahej plant

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Shares of Ajanta Pharma soared over 5 percent intraday on Monday as investors cheered the fact that no observations were issued during a regulator’s check at its unit.

“Our formulation facility at Dahej was inspected by US Food and Drug Administration (FDA) from April 3 to April 7, 2017. At the end of the inspection, no Form 483 was issued to us,” it said in a notification to the exchanges.

The stock recently witnessed a gain as well after Motilal Oswal initiated coverage on the stock, citing strong growth in the US. The brokerage house expected the company to be on a high-growth path in the US market, led by a healthy product pipeline and annual filings of around 12-15 ANDAs (abbreviated new drug application) over next 2-3 years, subject to subsequent approvals.

The stock had risen nearly 3 percent in the past one month, while its three-day gain stood at 1.8 percent. At 10:21 hrs, the stock was quoting at Rs 1,755.00, up Rs 35.25, or 2.05 percent on the BSE. It touched an intraday high of Rs 1,818.00 and an intraday low of Rs 1,718.50.