Aurobindo Pharma shares fall as subsidiary undertakes facility restructuring

The share touched a 52-week high of Rs 741.40 and a 52-week low of Rs 397.30 on 28 June, 2023 and 03 February, 2023, respectively.

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Aurobindo Pharma share price fell in the early trade on June 30 as company’s subsidiary undertakes restructuring of its facility.

Auro PR Inc., a step-down wholly owned subsidiary of Aurobindo Pharma, based at Caguas, Puerto Rico, is undertaking a restructuring of its facility to enhance production volume, after completion of commitment for product supply to third party by early July 2023.

In view of the planned restructuring of the facility, Auro PR Inc will not be conducting any manufacturing activity until the repairs / restructuring is complete.

During the previous year, Auro PR Inc contributed 1.76 percent of the consolidated turnover of the company, company said.

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On June 25, the company informed that a wholly owned step-down subsidiary M/s. CuraTeQ Biologics s.r.o.’s request to withdraw the applications for Marketing Authorization of ZEFYLTI (a filgrastim biosimilar) and DYRUPEG (a pegfilgrastim biosimilar) has been accepted by the European Medicines Agency’s (EMA) Committee for Medicinal Products for Human Use (CHMP).

On June 23 its subsidiary Eugia Pharma Specialities has entered voluntary sub-licensing agreement with Medicines Patent Pool (MPP), to develop and market Nilotinib Capsules for the treatment of chronic myeloid leukemia (CML) in 44 Low and Middle-Income Countries (LMIC), including the seven countries where patents on the product are pending or in force.

At 09:40 hrs Aurobindo Pharma was quoting at Rs 733.95, down Rs 3.80, or 0.52 percent on the BSE.

The share touched a 52-week high of Rs 741.40 and a 52-week low of Rs 397.30 on 28 June, 2023 and 03 February, 2023, respectively.

Currently, it is trading 1 percent below its 52-week high and 84.73 percent above its 52-week low.