Suven Life Sciences shares surged over 8 per cent on Thursday after the pharma company informed bourses that it has received Establishment Inspection Report (EIR) from United States Food and Drug Administration (USFDA) for its manufacturing facility near Hyderabad.
At 1.54 pm, share price of the company was trading 1.69 per cent up at Rs 208.05. The scrip opened at Rs 206.30 and has touched a high and low of Rs 221 and Rs 202.05, respectively in trade so far. Later, the scrip settled the day 1.34 per cent up at Rs 207.35.
“Suven Life Sciences Ltd has undergone USFDA renewal inspection at their facility in Pashamylaram near Hyderabad for the manufacture and supply of active pharmaceutical ingredients (bulk drugs), intermediates and formulations under
cGMP during April 4-14, 2016,” the company said in a BSE filing.
“Based on the inspection and the review thereafter US-FDA has concluded that the inspection is “closed” under 21CFR20.64 (d) (3) and the agency has issued an Establishment Insp, ” the BSE filing further said.
Suven Life Sciences has filed 19 DMF’s and 4 ANDA’s from this facility which is FDA complaint under cGMP and continued after renewal inspection.
The promoters holding in the company stood at 60 per cent, while Institutions and Non-Institutions held 7.62 per cent and 32.38 per cent respectively.