Marksans Pharma gains over 5% after German drug regulator’s successful inspection of Goa facility

November 1, 2023
News
1 mins read

Source: CBCTV18

The stock increased over 5% to hit a high of ₹112.20 apiece in trade today, extending its winning streak to a third day.

The Mumbai-based company in a stock exchange filing stated that the German authorities did not find any critical or major observations at its newly-acquired manufacturing facility in Verna, Goa.

However, the authorities highlighted a few minor points, which Marksans Pharma said it is committed to implementing immediately, the stock exchange filing mentioned.

In April this year, the pharma company had announced that it had completed the acquisition of the Goa manufacturing facility from Teva Pharmaceuticals India for an undisclosed amount. The acquisition was first announced in October last it.

The company stated that the acquisition would enable Marksans Pharma to potentially double the existing Indian capacity from 8 billion units per annum.

Marksans Pharma is engaged in research, manufacturing and marketing of generic pharmaceutical formulation in the global markets.

Its manufacturing facilities are located in India, the UK and the US and have been approved by leading regulatory agencies including USFDA, UK MHRA and Australian TGA.

The company’s product portfolio includes major therapeutic segments of CVS, CNS, anti-diabetic, pain management, gastroenterological and anti-allergies drugs.

Last month, the company announced that it had received the final approval from the US Food and Drugs Administration (USFDA) for its Abbreviated New’ Drug Application (ANDA) for Esomeprazole. The drug is used to treat certain stomach and esophagus problems such as acid reflux and ulcer.

The USFDA approval was for Esomeprazole Magnesium Delayed-Release Capsules USP, 20 mg (OTC). The drug is bioequivalent to Nexium 24 HR Delayed Release Capsules, 2.0mg (OTC) of AstraZeneca Pharmaceuticals.

Marksans Pharma shares were trading 5.5% higher at ₹111.35 apiece at 12.35pm.

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