Wednesday, July 31, 2013
India's Strides responds to FDA, continues shipments to U.S
MUMBAI |
(Reuters) - India's Strides Arcolab has submitted its response to observations made in June by the U.S. Food and Drug Administration about its drug factories, the company's chief executive said.
Shares in Strides Arcolab fell as much as 17.1 percent on Wednesday on market talk that the U.S. FDA observations in a so-called form-483 might affect its sales in the United States.
"We have submitted our response and we are confident about resolving it," Arun Kumar, group chief executive officer, told Reuters over the phone. "We continue to supply to the U.S."
A form-483 points out concerns related to manufacturing practices. Failure to submit a satisfactory response can result in a ban on exports to the United States from a specific manufacturing facility.
The stock was down 12 percent at 596 rupees at 0534 a.m. when the benchmark Mumbai market was up 0.05 percent.
(Reporting by Kaustubh Kulkarni; Editing by Tony Munroe)
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