Shares of Alembic Pharmaceuticals rose by nearly 5 per cent today as the company’s two API facilities at Panelav, Gujarat, have been “successfully inspected” by USFDA.
The stock ended the day with a gain of 4.87 per cent at Rs 573.60 on BSE. During the day, it surged 8.78 per cent to Rs 595.
On NSE, they rose by 4.71 per cent to close at Rs 573.80.
On the volume front, 1.42 lakh shares of the company were traded at BSE and over 8 lakh shares changed hands at NSE during the day.
“The company’s API facilities i.e. API I and API II, both located at Panelav have been successfully inspected by the USFDA between June 20, 2016 and June 29, 2016. The company did not receive any Form 483 observations,” Alembic Pharma said in a BSE filing.
In April this year, the company had received four observations from the US health regulator after the inspection of Panelav facility.
“The formulations facility of the company at Panelav, Halol, was inspected by the USFDA from March 21 to March 25. The company had received four observations which are being addressed by our regulator and quality team,” Alembic had said.
The company, however, did not provide any details about the observations it has received from the United States Food and Drug Administration (USFDA).
According to the company’s website, formulations account for around 65 per cent of the total business for Alembic Pharmaceuticals. It has three manufacturing facility for formulations: Vadodara and Panelav in Gujarat and Baddi in Himachal Pradesh.