Alkem Labs closes operations at Daman facility

Alkem Laboratories on Saturday (20 June) said its board has approved the closure of operations of its manufacturing facility i.e Betalactum Block located at Daman from 19 June 2020.

Shares of Alkem Laboratories rose 0.24% at Rs 2309.25 on Friday, 19 June 2020.

The Betalactum manufacturing facility mainly catered to International Market and was significantly underutilized. The company has explored alternate manufacturing opportunities to cater to demand.

To avoid operating expenditure and to meet warehousing requirements in Daman, it is decided to discontinue the manufacturing operations at this facility on 19 June 2020 and pursuant to the date of closure this facility shall be used as a warehouse, Alkem Laboratories said.

The facility generated turnover of Rs 50 crore, which 0.8% of the company's total turnover.

Alkem Laboratories is a leading pharmaceutical company with global operations, engaged in the development, manufacture and sale of pharmaceutical and nutraceutical products. The company produces branded generics, generic drugs, active pharmaceutical ingredients (APls) and nutraceuticals.

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