Moneycontrol
Jun 16, 2017 10:38 AM IST | Source: Moneycontrol.com

Ipca Labs hits 1-yr low on USFDA ban to all drugs manufactured by company

The ban of all drugs will continue until the company can demonstrate that the drugs manufactured sites and intended for the US market are in compliance with Current Good Manufacturing Practice (cGMP).

 
 
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Shares of Ipca Laboratories touched 52-week low of Rs 443.05, slipped 13.7 percent intraday Friday after USFDA refused the admission of company's drug in the US market.

".......has received a communication from USFDA stating that all the drugs manufactured at the Company's API manufacturing facility at Ratlam (Madhya Pradesh), SEZ Indore (Pithampur) and Piparia (Silvassa) will be henceforth refused admission into the United States," as per company release.

The ban of all drugs will continue until the company can demonstrate that the drugs manufactured sites and intended for the US market are in compliance with Current Good Manufacturing Practice (cGMP).

API Chloroquine phosphate manufacturing at Ratlam unit is an exception, which will be reconsidered if shortage and/or medical necessity implication change.

On February 2016, USFDA had issued a warning letter to all three manufacturing units situated at Ratlam, SEZ Indore and Piparia.

At 09:18 hrs Ipca Laboratories was quoting at Rs 448.15, down Rs 65, or 12.67 percent on the BSE.

Posted by Rakesh Patil
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