Alembic Pharmaceuticals has moved higher by 6% to Rs 700 on the BSE after the drug maker receives Establishment Inspection Report (EIR) from US drug regulator for its formulation facility located at Panelav, Gujarat.
“The company’s Formulation Facility located at Panelav has received Establishment Inspection Report (EIR) from US Food & Drug Administration (FDA) for the inspection carried out by them in March, 2016,” Alembic Pharmaceuticals said in a regulatory filing.
Formulations which account for 65% of the total business today has manufacturing facility at three different places; namely Vadodara & Panelav at Gujarat in the west & Baddi at Himachal Pradesh in the north. The facility at Panelav enjoys certifications from international regulatory authorities like MHRA (UK), MCC (South Africa), according to company’s website.
At 11:29 am, the stock was up 3% at Rs 678 on the BSE, against 0.14% decline in the S&P BSE Sensex. A combined 189,633 shares changed hands on the BSE and NSE so far.