 "Cipla dips on USFDA concern over InvaGen plant")
Shares of drug maker Cipla are trading lower by 1% at Rs 672 on the BSE after the investors referred to a letter, namely 'form 483', that the US Food and Drug Administration (USFDA) sent to US firm InvaGen Pharmaceuticals in May focusing on quality control issues in one of its manufacturing plants. CLICK FOR FULL REPORT
Last month Cipla struck a deal worth$ 550 million to purchase its first US property, InvaGen Pharmaceuticals which is a 350,000-square-foot manufacturing facility and portfolio of drugs.
Reports suggest that InvaGen was routinely using its change of control procedures to tackle with manufacturing issues, instead of using Corrective and Preventive Action (CAPA) system, which is intends to track and evaluate over time whether corrective actions are actually making a difference.
The stock opened at Rs 674.80 and hit a low of Rs 660.25 on the BSE. A total of 39,455 shares have changed hands on the BSE so far.
