Shares of Panacea Biotech Ltd. surged as much as 7.1 percent to Rs 113.15 after the company received an Establishment Information Report (EIR) from the United States Food And Drug Administration.
The EIR indicates a formal closure of the inspections at its units in Malpur and Baddi in Himachal Pradesh, the company said in its exchange filing. The oral solids and oncology parenteral formulation facilities were inspected between November 30 and December 11, 2015.
We remain committed to continue to manufacture and supply quality products to cater to patients' needs across several markets including the U.S.Rajesh Jain, Joint Managing Director, Panacea Biotech (Source: Exchange Filing)
The company also has a number of Abbreviated New Drug Applications (ANDAs) from the two facilities at various stages of approval from the U.S. FDA.
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