Cipla Shares Surge 10% on USFDA News

31 Oct 2024 , 01:20 PM

Following the United States Food and Drug Administration’s (USFDA) designation of its Goa plant inspection as Voluntary Action Indicated (VAI), Cipla’s shares surged 9.8% to an intraday high of Rs 1,557.45 on the BSE.

The company announced earlier in June that the USFDA had inspected its Goa manufacturing site and had made six inspectional observations. The company is now able to pursue important speciality medicine launches because to its VAI classification, such as the Abraxane generic, a paclitaxel-based cancer medication with a sizable market share.

“With reference to our notification dated June 21, 2024, concerning the routine current Good Manufacturing Practices (cGMP) inspection at the Company’s manufacturing facility in Goa, India between June 10 and June 21, 2024, and in accordance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we hereby notify that the United States Food and Drug Administration (USFDA) has classified the above referred inspection as Voluntary Action Indicated (VAI)” stated the company in a filing to the exchanges.

Cipla’s stock has risen 23% this year, and its shares have increased 28.26% over the last 12 months. According to BSE analytics, the stock has increased 9.8% over the past six months, but it has down 7% in the previous month alone.

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