US FDA shoots off warning letter to Wockhardt's subsidiary

Mumbai based pharmaceuticals major, Wockhardt got a jolt, regarding which it informed the exchanges about receiving a USFDA warning letter to C P Pharmaceuticals, a stepdown subsidiary of the company based out of Wrexham, United Kingdom.

In a statement the company said that currently there is no business being conducted from C P Pharmaceuticals to the US market. C P Pharmaceuticals has already initiated required steps to address the concerns raised by USFDA and will be responding to the regulator within the prescribed time.

Currently company is also under scanner for its other facilities with the likes of Morton Grove, Shendra, Chikalthana, Waluj plants. According to the management all of the plants under regulatory eye are being dealt with and are under various stages of remediation.

In a measure to protect its approvals and filings, the company has already shifted many of its products from facilities under scrutiny to the ones which are in compliance with the regulator.

Reacting to the news shares of Wockhardt cracked more than 4 per cent on bourses to hit an intra-day low of Rs 657 on NSE before recovering mildly to trade with losses of close to 2 per cent.