Strides Shasun advances 3% as Cuddalore facility clears USFDA inspection

NEW DELHI: Shares of Strides Shasun climbed nearly 3 per cent in Tuesday trade after the drugmaker said its Cuddalore facility in Tamil Nadu has successfully completed inspection by the US health regulator.

In a filing to BSE, the company said that it’s active pharmaceutical ingredient (API) manufacturing site at Cuddalore was recently inspected by the United States Food and Drug Administration (USFDA)”, Strides Shasun said in a filing to the BSE.

“The company has successfully completed the inspection with zero 483 observations,” it said.

Following the announcement, the stock rose 2.87 per cent to hit a high of Rs 1,132 on BSE.

Indian generic manufacturers cater to nearly 40 per cent of the US generic demand by volume and are likely to benefit from this strong growth in the US market, said Centrum Broking in a note. Indian pharma companies account for over 35 per cent ANDA approvals by US FDA.

“The constant introduction of generic products in the US is likely to drive growth,” the brokerage said.