Buzzing stock: Bangalore unit of Strides Shasun gets Establishment Inspection Report (EIR) from USFDA

Strides Shasun’s Bangalore unit received Establishment Inspection Report (EIR) from the United States of Food & Drug Administration (USFDA). The inspection was done in May 2017.

This Bangalore unit has KRS Gardens which manufactures tablets, capsules, liquids, sachets, creams and ointments. The facility supports important current and future products for the US’ markets.

Also, on Thursday, the company announced that Strides Pharma Global Pte. Ltd., Singapore has a subsidiary named Arrow Pharmaceuticals, which has acquired the Australian operations of Amneal Pharmaceuticals. The consideration involved in this acquisition was worth AUD 17 million (over Rs 85 crore). As per the company, this acquisition would accelerate Arrow’s market reach and will help in attaining a leadership position in the Australian generics market.

On Thursday, the stock closed at price of Rs 908.45. Today it opened at Rs 920 and surged by 4.4%, touching intraday high of Rs 948.50.

Strides Shasun is a vertically integrated global pharmaceutical company headquartered in Bangalore. It has nine manufacturing facilities spread across three continents, including seven USFDA-approved facilities and two facilities for the emerging markets.