Panacea Biotec Surges 7% As FDA Clears Solan Facility

Shares of Panacea Biotec surged as much as 6.76 per cent to hit intraday high of Rs 112.80 in an otherwise weak market after the US drug regulator (USFDA) gave its Establishment Inspection Report (EIR) for the Indian drugmaker's facilities in Solan, Himachal Pradesh.

Delhi-based Panacea Biotec today informed the stock exchanges that it "received Establishment Inspection Report from USFDA indicating the formal closure of the cGMP and pre-approval inspection conducted by USFDA at its Oncology Parenteral and Oral Solids Dosage formulation facilities at Malpur, Baddi, district Solan, Himachal Pradesh."

Panacea Biotec in a statement said, "With the release of the EIR notification the USFDA has concluded review of the company's manufacturing activities and has allowed the company to continue supply of all approved drug products by USFDA into inter-state commerce."

As of 12:41 p.m., shares of Panacea Biotec traded 1.23 per cent higher at Rs 106.55, outperforming the Nifty which was down 1.4 per cent.