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IOL Chemicals and Pharmaceuticals (IOLCP) has received the US Food and Drug Administration (USFDA)'s approval for its Ibuprofen manufacturing facility situated at Barnala, Punjab. The company's stock shot up by 18.7% on Monday to Rs 110 a share on this news.
With this, IOLCP will be able to garner additional business for its flagship API Ibuprofen in USA, world’s largest pharma market, the company said in a statement. This will result into higher value added export turnover and higher margins. The company’s manufacturing facility already holds CEP certification for its products Ibuprofen, Metformin Hydrochloride & Lamotrigine from European regulators.
