Jubilant Pharmova’s Montreal plant gets 15 observations in USFDA inspection

19 Jun 2024 , 10:34 AM

Jubilant Pharmova Ltd.’s stock slumped 4% on Tuesday after the firm said that it had received 15 remarks from the US Food and Drug Administration (USFDA) for its Montreal facility in Canada.

The USFDA completed its examination of Jubilant HollisterStier General Partnership’s (JHSGP) contract manufacturing facility in Montreal.

JHSGP is a subsidiary of Jubilant HollisterStier Inc. in the United States, a step-down subsidiary of Jubilant Pharma Ltd. in Singapore, and a wholly-owned subsidiary of Jubilant Pharmova.

Although the firm has not detailed the nature of the observations, it has stated that JHSGP would submit an action plan based on the observations.

It is unknown how much the facility in question contributes to Jubilant Pharmova’s overall revenue.

Jubilant Pharmova manufactures and supplies radiopharmaceuticals through a network of 46 radiopharmacies in the United States, allergy immunotherapy, contract manufacturing of sterile injectables and non-sterile products, and solid dosage formulations via its multiple manufacturing facilities.

Jubilant Pharmova, an Indian pharmaceutical company, announced a lower fourth-quarter loss on Wednesday, buoyed by increased demand for medications containing radioactive elements. The company’s consolidated net loss fell to ₹5.86 Crore ($7 million) in January-March, compared to ₹9.79 Crore the previous year.

At around 10.30 AM, Jubilant Pharmova was trading 0.38% lower at ₹730.85, against the previous close of ₹733.65 on NSE. The counter touched and intraday high and low of ₹749.15, and ₹730.25, respectively.

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