Glenmark Pharma falls 3% as Baddi unit gets 7 observations from USFDA

The stock dipped 3% to Rs 574 on the BSE in intra-day trade.

Glenmark Pharmaceuticals dipped 3% to Rs 574 on the BSE in intra-day trade after the company said its Baddi unit gets seven observations from US health regulator.

“The US Food and Drug Administration (USFDA) issued seven observations through the form 483,” Glenmark Pharmaceuticals said in a regulatory filing.

The Baddi unit of Glenmark Pharmaceuticals underwent an US FDA audit from November 6, 2017 to November 11, 2017. The Baddi unit contributes approximately 10% of the revenue of US sales.

“We are in the midst of providing a comprehensive response to the observations and would be replying to