Shares of Solara Active Pharma Sciences gained as much as 4 percent on Tuesday after the company's API unit in Vizag received the "Certificate of Sustainability" or CEP for the manufacture of Ibuprofen API or Active Pharmaceutical Ingredient.
The CEP was received from the European Directorate for Quality of Medicine (EDQM).
This is the first international regulatory approval for the Vizag facility of the company.
With this, Solara now has CEP approval for two manufacturing facilities for the Ibuprofen API. Its facility in Puducherry has a similar approval.
This means that the company will now be able to supply Ibuprofen from both Vizag as well as Puducherry.
Managing Director Jitesh Devendra said that the company has begun validation of new APIs to be filed from the Vizag facility over the next few quarters. "The Vizag site plays a pivotal role in our long-term growth strategy," the MD said.
The company expects other international regulatory approvals for its Vizag facility soon including that from the US Food and Drug Administration (USFDA).
Solare Active Pharma Sciences, a major player in pure play API manufacturing, has six manufacturing facilities and an R&D centre.
Solara shares are trading with gains of 3.5 percent at Rs 412.30 as of 12:40 PM. The stock is down 60 percent this year.
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