Cadila Healthcare surges post USFDA nod for Gujarat facility

Cadila Healthcare, the Indian pharmaceutical company headquartered in Gujarat, said on Thursday that the US Food and Drug Administration (USFDA) has inspected and approved the company's Moraiya plant (Gujarat) for meeting all the manufacturing norms. 

Analysts say that the development is positive for the company as no Form 483 was issued and this will not have any bearing on exports to the US, which is among the world's biggest drug markets. A Form 483 is issued when a violation is found against the USFDA regulations. 

The stock of Cadila Healthcare was trading at Rs 420.10 on Thursday afternoon, up 17.33 per cent from its previous close. The shares staged a swift rally, surging 22.23 per cent to hit a high of Rs 438, and witnessed sustained buying post the company's announcement on the USFDA approval.