Strides Pharma jumps after Bangalore facility clears USFDA inspection

Strides Pharma Science rose 3.04% to Rs 432.55 at 10:48 IST on BSE after the company announced successful completion of USFDA inspection at flagship facility in Bangalore.

The announcement was made after market hours on Friday, 2 November 2018.

Meanwhile, the S&P BSE Sensex was down 58.41 points, or 0.17% to 34,953.24.

On the BSE, 52,000 shares were traded in the counter so far compared with average daily volumes of 1.20 lakh shares in the past two weeks. The stock had hit a high of Rs 437.95 and a low of Rs 423 so far during the day. The stock hit a 52-week high of Rs 875.72 on 27 December 2017. The stock hit a 52-week low of Rs 334.10 on 8 June 2018.

Strides Pharma Science announced that its formulations facility in Bangalore recently underwent a US Food and Drug Administration (USFDA) inspection that ended on 2 November 2018. The inspection was completed successfully with Zero 483 observations. The facility (KRS Gardens) in Bangalore is the largest facility for the company and has capability in several dosage formats including tablets, capsules (both hard gelatin and soft gelatin), ointments, creams and liquids. The facility supports several important current and future submissions for the US market.

The facility (KRS Gardens) in Bangalore is the largest facility for the company and has capability in several dosage formats including tablets, capsules (both hard gelatin and soft gelatin), ointments, creams and liquids. The facility supports several important current and future submissions for the US market.

On a consolidated basis, Strides Pharma Science reported net loss of Rs 8.70 crore in Q2 September 2018 as against net profit of Rs 11.73 crore in Q2 September 2017. Net sales declined 4.69% to Rs 732.63 crore in Q2 September 2018 over Q2 September 2017.

Strides Pharma Science is global pharmaceutical company headquartered in Bangalore.

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