Strides Arcolab up 5%, gets US FDA nod for Italian facility

Moneycontrol Bureau

Shares of Strides Arcolab jumped 5 percent intraday on Wednesday. The drug maker has received United States Food and Drug Administration (US FDA) approval for its semi-solid and ointment facility in Milan, Italy. 

"The company is expecting its first approval of a niche semisolid product by Q1 FY2014, " it said in a filling to the BSE.

Strides is developing a portfolio of liquids and semi-solids products for the US and EU markets. Currently it has over 12 products at various stages of developments and approvals. The drug maker already sells semi-solids in the UK market.

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Meanwhile, in a related development Mylan believes that the warning letter to Agila will not have any material impact to its overall combined financial assumptions. It expects Agila and Mylan to cumulatively resolve the issue. Mylan expects to close the deal by Q4CY13 as per plans since it has got all the major approvals from regulatory bodies.

Strides Arcolab closed at Rs 878.65, up Rs 31.65, or 3.74 percent on the BSE in a volatile market.

(Posted by Nasrin Sultana)