Alkem Labs shares gained as much as 5 per cent intraday on Tuesday after it informed stock exchanges that one of its manufacturing plants in Mandva, Gujarat, has obtained establishment approval from USFDA. The plant manufactures Active Pharmaceutical Ingredients (APIs) and was inspected by the USFDA in September 2015.
The share price of Alkem Laboratories closed 2.11 per cent up at Rs 1,341. The scrip opened the day at Rs 1336 and touched a high and low of Rs 1377.75 and Rs 1326.50, respectively, in trade so far. Sensex closed 12.75 points, or 0.05 per cent, up at Rs 24,659.23.
The facility in Mandva would be Alkem’s 6th plant to receive USFDA approval. The company’s other USFDA approved plants include formulation manufacturing facilities at Baddi (HP), Daman, St Lousis in Missouri, US and API manufacturing factilities at Ankleshwar in Gujarat and California in US.
In a BSE filing, Prabhat Agrawal, CEO, Alkem, said, “This development re-affirms Alkem’s focus towards US as its key market and further boosts Alkem’s ability to enhance its product offering for this market.”