Moneycontrol Bureau
Shares of Sharon Bio Medicine rallied more than 16 percent intraday Friday ahead of reponse from the US health regulator for Maharashtra plant and after getting establishment inspection report for Dehradun facility.
US Food and Drug Administration officials have inspected company's Taloja plant and the outcome of inspection is awaited, says the company in its filing to exchanges.
The company has received establishment inspection report from the USFDA for its Dehradun plant in Uttarakhand. The US health regulator conducted inspection of this formulation manufacturing plant in August.
Mohan Kala, CFO of Sharon, in an interview to CNBC-TV18 says the company so far has not supplied drugs to the US, adding he is looking for approval for a drug called Memantine.
Memantine is used in the treatment of alzheimer's disease. Total market size of this product is USD 150 million. Kala expects approval for this drug in a week's time.
"We will pay off USD 1.1 million dues to the USFDA within next week," he says.
Sharon has set up a oral solid dosage manufacturing facility at Dehradoon in 2007 which has annual capacity of 450 crore tablets & 75 crore capsules. This facility already approved by UK MHRA, Health Canada and TGA Australia. At Taloja plant, it has two API manufacturing facilities - one commissioned in 1995 and second in 2009.
At 10:23 hours IST, the scrip of Sharon Bio Medicine was quoting at Rs 31.70, up Rs 3.95, or 14.23 percent on the BSE.Posted by Sunil Shankar Matkar
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