Big blow to Indian company in America, FDA stops sale of medicines made in Gujarat plant
Shares of Sun Pharma have fallen by about 3.76 per cent. Asian Markets Securities has said that it is very difficult to remove such import alerts.
international
oi-Sanjay Kumar Jha
Published: Thursday, December 8, 2022, 16:51 [IST]
Image: ANI
The Gujarat-based Halol plant of Sun Pharma, a well-known pharmaceutical company, has been listed under an import alert by the United States Food and Drug Administration (USFDA), the US health department. This import alert means that Sun Pharma’s products manufactured from Halol province in Gujarat cannot be shipped to the US. The product can be sent to America only after standing on CGAM i.e. Current Good Manufacturing Practice standards. Sun Pharma shares have fallen by about 3.76 per cent after this news came.
14 out of product list
Let us tell you that between April 26 and May 9, the US FDA had inspected Sun Pharma’s Halol plant in Gujarat. According to the report, the USFDA has kept 14 products of the company out of this import alert with certain conditions. Explain that Sun Pharma earns 3 percent from the Halol plant. The company said it will continue to cooperate with the USFDA and take all necessary steps to resolve these issues and ensure that the regulator is fully satisfied with the company’s corrective action.
broken company shares
The company said it is committed to being cGMP compliant and supplying high quality products to its customers and patients globally. Shares of Sun Pharma fell as much as 3.76 per cent to hit the day’s low of Rs 979.50 in morning trade on Thursday on news of an import alert for the product. Shares of Sun Pharma Company went to a high of Rs 1018 on Thursday.
Mohali plant also on radar
Asian Markets Securities has reduced the price target on Sun Pharma to Rs 1156 from Rs 1211. Asian Markets Securities has said in its notes that it is very difficult to remove such import alerts. There are examples like IPAC, Wockhardt in which we have seen that even after ten years these companies have not been able to remove such import alerts. According to the report, Sun Pharma’s Mohali plant is also now on the radar of the US FDA. The plant was issued Form 483 with six observations in August.
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english summary
USFDA import alert on Sun Pharma’s Halol product, shares fall
Story first published: Thursday, December 8, 2022, 16:51 [IST]
