Venus Remedies share price gains on GMP Certification from Ukraine

The share touched a 52-week high of Rs 263.55 and a 52-week low of Rs 145 on May 31, 2023 and February 8, 2023, respectively.

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Venus Remedies share price rose nearly 2 percent intraday on June 7 after the company received Good Manufacturing Practices (GMP) certification from Ukraine. Venus Remedies received the certification for Meropenem 500mg, Meropenem 1,000mg, Meropenem 2,000mg, Oxaliplatin 5mg/ml, Paclitaxil 6mg/ml, Cisplatin 1mg/ml, Imipenem/Cilastatin 500mg/500mg produced at its Carbapenem & Oncology production facilities at its unit in Baddi, Himachal Pradesh.

Granted by the State Service of Ukraine on Medicine and Dug Control (SMDC) after a stringent and elaborate audit, this certification is expected to pave the way for GMP certifications for Venus Remedies from European Medicines Agency and many medicines regulatory authorities of European Union (EU) member states and other countries spread across the globe, which follow the Pharmaceutical Inspection Convention/Cooperation Scheme (PIC/S).

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Global expansion

This international GMP approval, the 27th for Venus Remedies, will also enable the company to expand its product portfolio globally with more marketing authorisations not only from Ukraine, which happens to be one of the largest pharmaceutical markets in the Common wealth of Independent States (CIS) with a worth of $5 billion, but other global markets as well.

At 10:54 hrs Venus Remedies was quoting at Rs 231.60, up Rs 2.80, or 1.22 percent on the BSE.

The share touched a 52-week high of Rs 263.55 and a 52-week low of Rs 145 on 31 May, 2023 and 08 February, 2023, respectively.

Currently, it is trading 12.12 percent below its 52-week high and 59.72 percent above its 52-week low.