Jubilant Pharmova jumps as Nanjangud facility gets VAI classification

Jubilant Pharmova gained 3.24% to Rs 314 after the US drug regulator classified the company's Nanjangud facility as Voluntary Action Indicated (VAI).

The United States Food and Drug Administration (USFDA) had inspected company's API manufacturing facility at Nanjangud from 5 December 2022 to 13 December 2022. Upon completion, the USFDA issued eight observations on 14 December 2022.

The company now received a communication from the USFDA through which the regulatory agency assigned the inspection classification of the API facility as 'Voluntary Action Indicated (VAI)'. VAI means USFDA accepted the company's response to its observations.

Based on this inspection and the USFDA VAI classification, the facility is in compliance with regard to current good manufacturing practices (cGMP), said the drug maker.

Jubilant Pharmova is a global pharmaceutical and life sciences company engaged in pharmaceuticals, life science ingredients, contract research and development services and proprietary novel drugs.

The company reported a consolidated net loss of Rs 15.67 crore in Q3 FY23 as against Rs 50.99 crore in Q3 FY22. Net Sales rose 18.2% YoY to Rs 1533.22 crore in the quarter ended 31 December 2022.

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