Unichem Laboratories spikes post zero observation from USFDA

On the first trading session of the week, the stock of Unichem Laboratories surged more than 8 per cent due to zero observation from US Food and Drug Administration (USFDA) for its formulation manufacturing facility in Ghaziabad. The inspection of this facility was conducted from April 6 to 20, 2018.

Unichem had recently concluded its sale of domestic business (including Nepal business and Sikkim) to Torrent Pharma for consideration of Rs. 3,600 crore. Post this, Unichem came out with buyback offer to reward its shareholders.

Apart from this, Dilip Shanghvi, Founder and MD of Sun Pharmaceuticals holds 3.8 per cent stake in Unichem Laboratories through his firms Alrox Investment, Family Investment and Airborn Investment.

Unichem Laboratories is specialty pharmaceutical company, specialized in niche therapy areas of cardiology, neurology, orthopedics and anti-infective.

At 11.05 a.m. the stock of Unichem Laboratories was trading at Rs. 278 per share, up by around 6.7 per cent from previous close of Rs. 260.4.