Strides Pharma shares hit 52-week high despite 2 observations from USFDA

Strides Pharma Share Price | It will respond to these observations comprehensively to FDA within the stipulated time, the pharmaceutical firm has said

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Strides Pharma Science share price touched a 52-week high of Rs 859.95 in the opening trade on April 8 as investors seem to have shrugged off two observations from the United States Food and Drug Administration (USFDA).

At 9.31am, Strides Pharma Science was quoting at Rs 845.25, down Rs 0.90, or 0.11 percent, on the BSE.

The FDA conducted routine current Good Manufacturing Practices (cGMP) inspection of formulations facility of Strides Alathur Private Limited, a wholly owned subsidiary of the company, in Chennai from April 1 to April 5.

The inspection closed with two observations and the company will respond to these observations comprehensively to FDA within the stipulated time, Strides Pharma said.

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In March, the company proposed to consolidate the group’s South African business under Trinity Pharma (Proprietary) Limited, South Africa.

Strides operates in South Africa through subsidiaries Trinity Pharma (Proprietary) Ltd and Strides Pharma Pty Ltd, South Africa.

As part of the proposed transaction, Trinity shall acquire a 100 percent stake in Strides SA (60 percent stake from Strides Cyprus and 40 percent from the other shareholder) by way of a share purchase arrangement for ZAR 21.73 million.