Strides Pharma Hits 52-Week High Despite FDA Observations

8 Apr 2024 , 02:45 PM

The share price of Strides Pharma Science surged to a 52-week high of ₹859.95 during the opening trade on April 8, with investors seemingly unfazed by two observations from the United States Food and Drug Administration (USFDA).

At 9:31 am, Strides Pharma Science was trading at ₹845.25 on the BSE, marking a marginal decline of ₹0.90 or 0.11%.

The USFDA recently conducted a routine inspection of the formulations facility of Strides Alathur Private Limited, a wholly-owned subsidiary of Strides Pharma Science, located in Chennai. The inspection, which took place from April 1 to April 5, concluded with two observations. Strides Pharma stated that it would provide a comprehensive response to these observations within the stipulated timeframe.

In another development from March, Strides Pharma proposed to consolidate its group’s South African business under Trinity Pharma (Proprietary) Limited, South Africa.

Currently, Strides operates in South Africa through its subsidiaries, Trinity Pharma (Proprietary) Ltd and Strides Pharma Pty Ltd, South Africa.

As part of this proposed transaction, Trinity is set to acquire a 100% stake in Strides SA. This acquisition entails acquiring a 60% stake from Strides Cyprus and the remaining 40% from another shareholder, amounting to ZAR 21.73 million.

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