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  1. Cipla falls; traders cite FDA concerns over InvaGen plant

Cipla falls; traders cite FDA concerns over InvaGen plant

Cipla, India's fourth-largest drugmaker by sales, falls as much as 3 pct to 660 rupees.

By: | Published: October 14, 2015 1:09 PM
Cipla shares

Cipla said last month it was buying InvaGen as part of a deal worth 0 million, following rivals with a push to enhance its presence in the world’s largest generics market. (PTI)

Cipla, India’s fourth-largest drugmaker by sales, falls as much as 3 pct to 660 rupees.

Traders cite a letter, a so-called ‘form 483’, that the U.S. Food and Drug Administration sent to U.S. firm InvaGen Pharmaceuticals Inc in May highlighting quality control issues one of its manufacturing plants.

Cipla said last month it was buying InvaGen as part of a deal worth $550 million, following rivals with a push to enhance its presence in the world’s largest generics market.

The letter, posted on the FDA website, was sent after FDA officials inspected InvaGen’s Hauppauge, New York plant for two weeks in May.

“The 483 was known when Cipla bought the plant. It’s only now that a copy is available for purchase from private websites,” an analyst tracking the sector said.

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