Unichem soars as office receives EIR

The company's office in Jogeshwari has received Establishment Inspection Report (EIR) from the USFDA. The stock spiked up by more than 10 per cent in early trade on Tuesday.

Unichem Laboratories' Mumbai office located in Jogeshwari received EIR from the US drug regulator, for the Post Marketing Adverse Drug Experience inspection. The US Food and Drug Association (USFDA) conducted the examination from June 25 to 29. The issuance of EIR indicates the closure of inspection.

Earlier this month, the company had acquired stakes in Hyderabad-based Optimus group pharmaceutical companies. This stake buy was to gain access to the active pharmaceutical ingredient (API) unit of these companies.

Unichem Laboratories is a speciality pharmaceuticals company with more than 500 regulatory filings for APIs. The company focuses on therapeutic areas like gastroenterology, cardiology, diabetology, psychiatry, neurology, anti-bacterials, anti-infectives and pain management.

Reacting to this positive development, the stock of Unichem surged in the morning session on Tuesday. At 9:46 hours, the stock was quoting Rs. 217.55 per share, up by Rs. 14.95 or 7.38 per cent, when the benchmark index, BSE Sensex was at 35,329.55, up by 24.53 points or 0.07 per cent.