Subsidiary of Caplin Point receives EIR, stock spikes

The stock of Chennai-based company Caplin Point Laboratories was buzzing on the bourses on Thursday as the company's subsidiary received US drug regulator's inspection report for its injectable plant.

The facility has received the Establishment Inspection Report (EIR) from the United States Food and Drug Administration (USFDA) for the inspection which concluded in June 2019. The facility belongs to Caplin Steriles Limited, is a wholly-owned subsidiary of Caplin Point.

With this, three of Caplin Points plants have successfully completed USFDA audit. The company stated that it is experiencing traction in terms of product approvals and commercial batches from this facility, which predominantly caters to the regulated markets like the US.

Caplin Point Laboratories Limited is a pharma company that focuses on emerging markets of Latin America and Africa with a complete range of finished dosage products.

Reacting to this development, the stock of Caplin Point Laboratories was quoting Rs. 397.90 per share, up by Rs. 11.85 or 3.07 per cent on Thursday at 11:41 hours. The stock opened at Rs. 388.00 and hit a high of Rs. 401.05 per share in the pre-lunch session.