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Last Updated : Jun 01, 2017 11:41 AM IST | Source: Moneycontrol.com

Claris Lifesciences soars 12% on successful US FDA audit and no observations

The company told the exchanges that the company and its subsidiary underwent a successful US FDA pharmacovigilance audit from May 29-May 31. The regulator did not issue any observations (i483s) for the plant.

 
 
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Claris Lifesciences zoomed nearly 12 percent intraday on Thursday after investors cheered the positive developments around US FDA inspection.

The company told the exchanges that the company and its subsidiary underwent a successful US FDA pharmacovigilance audit from May 29-May 31. The regulator did not issue any observations (i483s) for the plant.

The firm was in the news recently for selling its stake in the joint venture for USD 20 million.

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The stake in JV, Otsuka Pharmaceutical India Pvt. Ltd, was sold to partner Otsuka Pharmaceutical Factory Inc.

A media report also stated that the company altogether must be mulling to exit pharmaceuticals business and foray into FMCG.

The pharmaceuticals sector has been under immense pressure on the back of pricing pressure in the US along with regulatory concerns. Weak earnings growth back home also added to the pain of these companies. Stocks in the sector were down throughout last week, missing the chance to board the rally bus. However, in the past three session, including Thursday, these have played catch up probably due to attractive valuations.

The stock fell over 2 percent in the past one month, while its three-day gain stood at 4 percent. At 11:33 hrs, Claris Lifesciences was quoting at Rs 344.30, up Rs 17.25, or 5.27 percent on the BSE. It touched an intraday high of Rs 366.00 and an intraday low of Rs 327.90.

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First Published on Jun 1, 2017 11:39 am
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