Sun Pharma rises 1% as Caraco gets USFDA clearance
Drug producer Sun Pharmaceutical Industries gained nearly 1% on Tuesday as the company said its subsidiary Caraco has received US FDA clearance to resume operations at its manufacturing facility and packaging sites in Detriot and Wixom, Michigan.
August 28, 2012 / 14:55 IST
Drug producer Sun Pharmaceutical Industries gained nearly 1% on Tuesday as the company said its subsidiary Caraco has received US FDA clearance to resume operations at its manufacturing facility and packaging sites in Detriot and Wixom, Michigan.
In a release sent to exchanges, the company said, "Subsequent to inspections earlier this year and corrective action on 483's, USFDA has determined Caraco to be in compliance with relevant paragraphs of the Consent Decree. Therefore, USFDA has notified that Caraco may resume operations at its manufacturing facility and packaging sites in Detriot and Wixom, Michigan.""During their inspection, the USFDA reviewed the certification reports for production of Carvedilol USP as well as Paramomycin USP, and subsequently reviewed corrective actions on 483's. Currently, Caraco may resume products of only these two products. Manufacturing of other products from these sites, including those pending approval with the USFDA, will be subject to similar rigorous approval procedure. As a result, the increase in production at these sites and resultant revenue contribution is expected to be gradual," according to the report.
At 14:47 hours IST, the share was trading at Rs 675.50, up 0.84% with volumes of 35,540 equity shares. Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
