Strides Pharma falls over 4% after USFDA gives VAI tag to Chennai facility

Strides Pharma Science shares fall: Shares of pharmaceutical company Strides Pharma Science fell 4.13 per cent to Rs 1,257 during intra-day trading on Monday. The drop came after Strides Alathur, a wholly-owned subsidiary of Strides Pharma Science, received an Establishment Inspection Report (EIR) from the US Food and Drug Administration (USFDA). This EIR pertains to the conclusion of a Good Manufacturing Practices (GMP) inspection at the company's formulations facility in Alathur, Chennai, conducted between April 1-5, 2024. According to a regulatory filing on the BSE, the USFDA classified the inspection status of this facility as 'Voluntary Action Indicated' (VAI). 

Strides Alathur facility caters to the US and Other Regulated Markets. The facility manufactures tablets & capsules and supports several current and future products for the US markets.

 

Headquartered in Bengaluru, Strides Pharma Science operates globally, focusing primarily on regulated markets. The company also follows an 'in Africa for Africa' strategy and has an institutional business that services donor-funded markets. Strides Pharma's manufacturing sites are located across India (Chennai, Puducherry, and Bengaluru), Italy (Milan), Kenya (Nairobi), and the United States (New York). The company claims to focus on 'difficult to manufacture' products sold in over 100 countries

As of August 19, 2024, Strides Pharma Science boasts a market capitalisation of Rs 11,885.60 crore and is part of the BSE SmallCap index. Over the last year, the company's shares have delivered consistent returns, with a year-to-date gain of 97.64 per cent. Over the past year, the stock has surged 212.17 per cent, according to BSE analytics.

Strides Pharma Science shares have a 52-week range of Rs 1,339.90 to Rs 412.45 on the BSE. 

As of 02:30 PM on Monday, the stock was trading at Rs 1287.05, down 2.02 per cent from its previous close of Rs 1,313.65 on the BSE. Around 0.34 lakh equity shares worth Rs 4.36 crore were exchanged during the session.