Sun Pharma stock rises over 3% as USFDA inspection starts at Halol plant
Sun Pharma share is trading over 3% higher at 11.27 am on news that its Halol plant in Gujarat was being inspected by the USFDA upon the invitation by the company.
Last month, the facility received clearance from Dutch drug regulator.
Halol plant holds a key for Sun Pharma’s US formulation business. The company's US business has been impacted in last couple of years as ANDA approvals have been delayed due to the observations at Halol.
The Halol facility received 9 observations in the re-inspection by USFDA in Q3FY17.
The positive outcome of the inspection will remove the overhang on the stock. It will also be positive for Sun Pharma Advanced Research Company as it also has filed a couple of its potential new drugs applications (NDA) from this facility, according to India Infoline.
Sun Pharmaceuticals Industries is currently trading at 601.40 or 3.22% higher than the previous day's close on the BSE.
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