Strides Arcolab shares surge over US FDA boost

Written by Reuters | Updated: Apr 26 2014, 20:20pm hrs
India's Strides Arcolab Ltd surges 6.3 percent after the drugmaker said on Friday its oral drug manufacturing facility in Bangalore continues to maintain compliance with the manufacturing standards of the U.S. health regulator.

"U.S. FDA recently inspected this facility as part of GMP compliance audit and raised Form 483 (inspection observations) during the Dec 2013 inspection (which has now been satisfactorily closed)," Macquarie said in a note to its clients.

This is a key positive development as important approvals in the United States including anti-HIV and anti-organ rejection drugs are awaited from this facility, the Macquarie note added.