USFDA places Glenmark Pharma's Baddi facility under 'Import Alert'; stock tanks ~5%

27 Oct 2022 , 09:19 AM

Glenmark Pharmaceuticals Limited informed that the USFDA has placed its Baddi facility under import alert 66-40.

This is in reference to the company’s letter dated September 22, 2022, informing about the continuation of the Official Action Indicated (OAI) status of the company’s Baddi (India) manufacturing facility by USFDA following the inspection conducted by USFDA in June 2022.

The company's US sales from items provided by this plant accounted for 1-2% of overall revenues in FY22.

The company will work with the authorities to settle the import alert as soon as possible. Glenmark is dedicated to maintaining the highest quality and compliance manufacturing standards at all of its global sites, stated the company in its filing with the exchanges.

At around 9.17 AM, Glenmark Pharmaceuticals was trading at Rs382.10 down by 4.87% from its previous closing of Rs401.65 on the BSE. The scrip opened at Rs396 and touched intraday high and low of Rs396 and Rs381.90 respectively.

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