This pharma company gets approval to set up a new manufacturing facility for its popular drug 'Ibuprofen'
Shares of the company zoomed on getting CEP approval to manufacture Ibuprofen from the Vishakhapatnam facility.
Solara Active Pharma Sciences closed trading at Rs 415.00, up by 17.35 points or 4.36 per cent from its previous closing of Rs 397.65 on the BSE. The scrip opened at Rs. 397.40 and touched a high and low of Rs 419.65 and Rs 392.45, respectively. So far 10241 shares were traded on the counter. The BSE group 'A' stock of face value of Rs 10 has a 52-week high of Rs 1385.00 and a 52-week low of Rs 323.65.
Solara Active Pharma Sciences (Solara) has received ‘Certificate of Suitability (CEP) approval for its new state-of-the-art multipurpose API manufacturing facility at Vishakhapatnam, Andhra Pradesh, for the manufacture of Ibuprofen API, from the European Directorate for the Quality of Medicines (EDQM), the first international regulatory approval for this new facility.
With this key approval, Solara has CEP approval for two manufacturing facilities for Ibuprofen API, the other being its dedicated manufacturing facility located in Puducherry, India. Solara also expects a series of other international regulatory approvals for its Vizag facility, including the USFDA.
The company is a global, R&D-focused, pure-play Active Pharmaceutical Ingredients (API) company engaged in the manufacturing and development of APIs and offering Contract Manufacturing and Development Services for global companies. Across high-value product areas, the Co. now has 60+ commercial APIs and 10+ APIs under development. It continues to focus on diversification of the customer base on large volume products, CIPs, and backward integration. Additionally, it focuses on exploring new markets for existing products and building levers for higher regulated market sales.
In Q1FY23, the sales for the company is Rs 330 crore. The operating profit in the June quarter was Rs 4 crore.
The promoters holding in the company stood at 40.40 per cent, while Institutions and Non-Institutions hold 21.44 per cent and 38.16 per cent, respectively.