Gland Pharma gains as investors brush aside USFDA issue

The share touched a 52-week high of Rs 2,718 on June 30, 2022 and a 52-week low of Rs 861.50 on May 22, 2023.

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Gland Pharma share price rose a percent in the early trade on June 28 as investors seem to have taken the US Food and Drug Administration’s concerns about the firm’s Hyderabad facility.

The US health regulator conducted a pre-approval inspection (PAI) for seven products and good manufacturing practices (GMP) at the company’s Pashamylaram facility in Hyderabad between June 15, 2023 and June 27, said Gland Pharma.

The inspection was concluded with one 483 observation. The observation was procedural and the corrective actions would be submitted to the USFDA within the stipulated period. The observation issued was neither a repeated observation nor related to data integrity, the company added.

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At 9.46 am, Gland Pharma was quoting at Rs 1,025.00, up Rs 10.40, or 1.03 percent on the BSE. The share touched a 52-week high of Rs 2,718 on June 30, 2022 and a 52-week low of Rs 861.50 on May 22, 2023. It is trading 62.29 percent below its 52-week high and 18.98 percent above its 52-week low.