Alembic Pharma soars 7% on USFDA inspection clearance

Moneycontrol News
Shares of Alembic Pharma jumped up 7 percent intraday on Friday after the company received no observations for an inspection at its unit by the US FDA.

The US Food and Drug Administration had inspected the company’s bioequivalence facility at the Baroda unit between March 6 and 10. At the end of the inspection there were no 483s issued, the company said in a press release.

The company has been in the midst of good news flow in the recent past, which has helped the stock post gains as well. The Delhi High Court on Wednesday allowed it to export drugs for research and development (R&D).

Bayer had moved the court in the first leg of litigation against both Natco and Alembic Pharma to bar the companies from exporting Sorafenat and Rivaroxaban. The stock also reacted positively to the launch of an anti-depressant drug in the US.