Sun Pharma hits 52- week high on USFDA all-clear to Ankleshwar unit

The USFDA classified the unit as No Action Indicated, paving the way for manufacturing and export from the plant, a CNBC Awaaz report said

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Shares of Sun Pharmaceutical Industries rose around 2 percent and hit a 52-week high of Rs 1,606.75 on March 6 afternoon after the US Food and Drugs Administration reportedly gave the company’s Ankleshwar API (Active Pharmaceutical Ingredients) unit the all-clear to manufacture and export.

A CNBC Awaaz report said the USFDA classified the unit as No Action Indicated (NAI), paving the way for manufacturing and export from the plant.

The NAI classification issued by the US FDA is the most sought after and corresponds to the highest level of compliance.

At 2.57 pm, Sun Pharma was trading at Rs 1,605.30 on the NSE.

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Investors cheered the development, more so since the company has struggled with the adverse impacts of an import alert for its Halol unit and another compliance snag at its Mohali facility in recent times. These regulatory troubles have put pressure on the drugmaker’s US market revenue.

Shares of Sun Pharma have gained 29 percent in the past three months.

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