Caplin Point up 5% on EU GMP nod for unit in Chennai

Shares of Caplin Point rose 5 percent intraday on Thursday after it received EU Good manufacturing practices (GMP) approval for its small volume sterile injectable facility in Chennai. 

The company says that the site was inspected by EU authorities in March and has been certified as compliant with the guidelines. "The facility is capable of manufacturing liquid injectables in Vials, Ampoules, Lyophilized Vials and Opthalmic dosages," it says in a statement to the exchanges.

CC Paarthipan, chairman of the company says, "This is our first approval and we are expecting more regulatory GMP approvals in future. The global injectable market is projected grow to USD 70 million by 2020 and is frequently plagued by shortages."

The company currently holds over 1600 product licenses across Latin America and Africa with another 400 in the pipeline. The company will be filling their first Abbreviated New Drug Application (ANDA) by 2015-end.

At 13:15 hrs Caplin Point Laboratories was quoting at Rs 1,008.25, up Rs 23.00, or 2.33 percent.