Strides: Greenfield facility in Singapore receives USFDA approval
The stock of global pharma company was buzzing on Wednesday after the company announced that its oral dosage plant in Singapore with manufacturing and research capabilities for tablets and hard gelatin capsules was approved by the US drug regulator.
Strides received USFDA's approval for its facility in Singapore which will provide the company opportunity to grow in the regulated markets of the US, Australia, the UK and Europe. It will also expand its manufacturing base with a peak capacity of producing more than 1.4 billion tablets and hard gelatin capsules.
The greenfield facility strategically based in Singapore will help Strides significantly as it is among designated countries under the Trade Agreements Act (TAA) which makes it eligible for US federal government supply contracts.
Besides the USFDA, the plant has been approved by the Singaporean regulator, Health Science Authority (HSA) and the Australian pharma regulatory body, Therapeutic Goods Administration (TGA).
On Wednesday, the stock of Strides Pharma Science closed at Rs. 463.00 per share, up by Rs. 17.90 or 4.02 per cent.