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Ipca Labs gains 6% on USFDA exemption for two APIs

30 October, 2018 8:51 AM
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Ipca Labs gains 6% on USFDA exemption for two APIs

Ipca Labs' two active pharmaceutical ingredients (API) exempted from import alerts by US Food and Drug Administration are Furosemide & Chloroquine Phosphate (CQP).

Ipca Laboratories shares rallied 6 percent intraday Tuesday after a media report suggested that the company received exemption for two APIs from the US health regulator.

CNBC-TV18 reports quoting US FDA website that two active pharmaceutical ingredients (API) exempted from import alerts by US Food and Drug Administration are Furosemide & Chloroquine Phosphate (CQP).

Furosemide is used to treat fluid build-up due to heart failure, liver scarring, or kidney disease while CQP is anti-malarial drug.

Furosemide is worth $120 million product and CQP is about $40 million, CNBC-TV18 said.

Ipca's three manufacturing plants, which are US-focussed, have been under the import alert since 2015.

The USFDA had issued import alert for Ratlam API plant in January 2015 and for Silvassa & Pithampur plants in March 2015.

Source: moneycontrol.com

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