The stock dipped 6% to Rs 2,470, extending its previous day's 3% decline on BSE
The drug candidate is used for the prevention of surgical site infections
Dr Reddy's adds that these observations helped the company to accelerate pace of quality reforms
Vozet tablets are used for the treatment of allergic Rhinitis and chronic Urticaria
The stock was up 3% to Rs 2,698 on BSE in intra-day trade.
US drug regulator audited company's API manufacturing unit at the same plant in April
BS ReporterHyderabad, 19 MayDr Reddy's Laboratories (DRL) will install India's first single-use manufacturing platform to expand the biologics production capacity at its facility in Hyderabad. GE Healthcare's bio-manufacturing platform FlexFactory will help the Hyderabad-based drug major increase its capacity to meet both the expected growth of its currently marketed biosimilars as well as support the launch of new biosimilar products in the next few years. With this, the pharma company will boost its manufacturing capacity as the overall project set-up timeline for FlexFactory is typically 9 to 12 months. It will continue to grow patient access globally for biotech-based therapies.The new FlexFactory enables DRL's transition from stainless steel to single-use technologies that bring enhanced flexibility and efficiency into their manufacturing set-up. Single-use technologies facilitate multi-product manufacturing and improve productivity by increasing the number of lots manufactured. .
Shares of the company were trading 0.14% down at Rs 2,588.75 on BSE
Since Feb 3, post Q3FY17 results, the stock declined 19% as compared to 7% rise in Sensex.
The stock was up 3% at Rs 2,712 against 0.18% decline in the S&P BSE Sensex at 09:30 am.
Srikakulam unit is among three facilities that received warning letter from US FDA in Nov 2015
The US drugs regulator had issued a warning letter to three of firm manufacturing facilities
Claims sought injunctive relief to prohibit manufacturing, use, import, sale of palonosetron product prior to expiration
The stock hit a 52-week low of Rs 2,799, down 4% on the National Stock Exchange in intra-day trade.
The company recently launched select products of its hospital portfolio in Italy and Spain
Revenues dropped by 7% to Rs 3,707 crore y-o-y
The company received a warning letter from the USFDA on November 5, 2015, for specific violations
In past three-trading sessions, post QFY17 results the stock gained 7% as compared to 1.62% decline in Sensex
Combined sale of branded and generic versions of the products in the US is approximately $1 billion
Declining US sales had a bearing on the company's revenues and profitability