Nectar Lifesciences receives USFDA nod for Dera Bassi plant

Nectar Lifesciences today said it has received approval from the US health regulator for its manufacturing facility at Dera Bassi in Punjab.

The company has received approval from the US Food and Drug Administration (USFDA) for its Dera Bassi active pharmaceutical ingredients (API) plant, Nectar Lifesciences said in a filing with the Bombay Stock Exchange (BSE).

The approval follows the recent audit of the plant by USFDA in June this year, it added.

"US market for Cefuroxime Axetil (API) is currently valued at USD 50 million and Neclife being the most integrated player globally stands to benefit with this approval through its associates," the company said.

The company's Dera Bassi unit has also been approved by Japan, South Africa and Korean regulatory authorities, it said.

Shares of Nectar Lifesciences today closed at Rs 23.10 on the Bombay Stock Exchange, up 20% from previous close.