Panacea Biotec shares climb 3% after inspection report

Shares of drug firm Panacea Biotec rose 3 per cent after the company received establishment inspection report (EIR) from the US health regulator after successful inspection of its manufacturing facilities at Baddi in Himachal Pradesh.
The stock gained 2.32 per cent to end at Rs 107.95 on BSE. During the day, it rose sharply by 7.25 per cent to Rs 113.15.
At NSE, the stock went up 3 per cent to close at Rs 108.85.
The company has received EIR from the US Food and Drug Administration (USFDA) indicating the formal closure of the CGMP and pre-approval inspection conducted at its oncology parenteral and oral solid dosage formulation facilities at Baddi, Panacea Biotec said in a BSE filing.

"The company has been supplying products in the US markets for approved ANDAs manufactured in the oral solids dosage facility," it added.