Panacea Biotec gains on EIR from USFDA for Baddi unit

The EIR is for the Baddi unit at Himachal Pradesh for Oncology Parenteral and Oral Solids Dosage formulation facilities

Shares of Panacea Biotec were up over 3% on the Bombay Stock Exchange after the company announced that it has received an Establishment Inspection Report indicating the formal closure of the cGMP and the pre-approval inspection conducted by the USFDA.

The EIR is the for the company's Oncology Parenteral and Oral Solids Dosage formulation facilities at Malpur, Baddi, District Solan in the state of Himachal Pradesh, the company said in a release.

With the release of the EIR notification the USFDA has concluded review of the company's manufacturing activities and has allowed the company to continue supply of all approved drug products by USFDA into inter-state commerce, Panacea Biotech said in a statement.

The stock opened at Rs 108 and touched a high of Rs 113 on the BSE. At 11:15am, over 75,000 shares were traded on both the stock exchanges.