Indoco Remedies shares soar 20% after USFDA nod

Shares of Indoco Remedies Thursday surged 20 per cent after two of the company's Goa plants cleared a USFDA inspection.

Drug firm Indoco Remedies has received two minor observations from the US health regulator for its Goa-based two plants.

The stock zoomed 20 per cent to settle at Rs 206.40 on the BSE.

On the NSE, shares of the company soared 20 per cent to end at Rs 200.40.

The US Food and Drug Administration (USFDA) inspected the manufacturing facilities between November 14-21.

"The inspection concluded with the company receiving two minor observations, none of which are a repeat in nature," Indoco Remedies said in a regulatory filing.

"This positive development will now pave the way for approval of our pending (abbreviated new drug application) ANDAs with a consequent boost to revenues from the US market," Indoco Remedies Managing Director Aditi Kare Panandikar said.

The company is in the process of responding to the observations within the stipulated time of 15 days. The establishment inspection report (EIR) will be issued by the USFDA subsequently, it said.