Stock in Gland Pharma soars 5% after the US FDA makes no adverse findings

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• Source: AP


• Date: 31 Jul,2023

After receiving a zero-observation certificate from the US drug agency for its Visakhapatnam facility, Gland Pharma’s share price increased by 5.49 percent, closing at Rs 1,365 at 9:23am on July 31.

Between July 20 and July 28, the United States Food and Drug Administration (US FDA) inspected the company’s VSEZ Sterile Oncology plant in Visakhapatnam for compliance with good manufacturing practice (GMP). The final tally from the checkup was zero.

The company’s unaudited standalone and consolidated financial results for the quarter ended June 30 will be discussed and approved at a board meeting scheduled for August 7.

On July 14th, following a GMP inspection by the USFDA from July 3rd through the 14th, the company got one observation.

Following a GMP and pre-approval inspection (PAI) for seven goods, the regulator issued one observation on the company’s Pashamylaram facility in Hyderabad last month.