Auro Pharma tumbles after USFDA revokes VAI for Unit-IV

Aurobindo Pharma slumped 10% to Rs 539.60 after the USFDA rescinded the voluntary action intiated (VAI) status for the company's plant on February 21.

In the derivatives market on the NSE, futures of Aurobindo Pharma were trading 13.36% lower at Rs 520.85.

The company on 21 February 2020 received a communication that the inspection conducted by the U.S. Food and Drug Administration (USFDA) at its Unit IV (a general injectable formulation manufacturing facility of Auro Pharma) from 4 to 13 November 2019 is still open and under review, by way of rescindment of 90-day VAI letter that was issued by them on 18 February 2020.

The drug maker on 19 February 2020 had informed that with regard to the USFDA inspection of unit IV, a general injectable formulation manufacturing facility of the company, the company has received the Establishment Inspection Report (EIR) with Voluntary Action Initiated (VAI) status from USFDA.

Aurobindo Pharma is engaged in producing oral and injectable generic formulations and active pharmaceutical ingredients (APIs). Its product portfolio is spread over seven therapeutic/product areas, including antibiotics, anti-retrovirals, cardiovascular, central nervous system, gastroenterologicals, anti-allergies and anti-diabetics.

Powered by Capital Market - Live News