One of India's leading drug manufacturers, Strides Arcolab has revealed that it has received approval from the US Food and Drug Administrator to market its first liquid injection sterile product that is currently being manufacturer at its new facility in Bangalore.
The company confirmed through a press statement that it has received the permission to commercially market the product but added that it was unable to disclose the name of the product due to a confidentiality agreement.
Confirming the statement, the CEO of Agila Specialties, a wholly-owned specialities division of Strides Arcolab, Venkat Iyer said, "The USFDA approval for the product from the new site will go a long way in ameliorating product shortages in the critical therapeutic areas. Two significant product approvals from the new facility augur well for the launch of a series of products in the USA during 2011."
Share prices of Strides Arcolab shot up to an intra-day high of Rs 397.85 before settling down to Rs 388.50, up by 1.16 per cent, on the Bombay Stock Exchange.