India's Sun Pharma rises; U.S. FDA issues VAI status to Halol plant

Sun Pharma Advanced Research

08/06/2018 10:17

** Shares of Sun Pharmaceutical Industries Ltd  SUN.NS  rise
as much as 9.2 pct, their biggest intraday pct gain since April
2015, to 533.65 rupees
    ** Sun Pharma Advanced Research  SPRC.NS  surges as much as
14 pct, its biggest intraday percentage gain since Oct. 30,
2017, to 424 rupees 
    ** U.S. FDA issues Voluntary Action Indicated (VAI) status
to Sun Pharma on its Halol plant  urn:newsml:reuters.com:*:nL3N1TA36U
    ** VAI status means that though objectionable conditions
were found at the plant, the issues do not justify further
regulatory action and any corrective action is left to the FDA
to take voluntarily
    ** A Sun Pharma spokesman said the company was assessing the
FDA update
    ** The drugmaker has faced regulatory scrutiny https://in.reuters.com/article/india-pharmaceuticals0-sun-pharma-idINKBN0U207I20151219
 over manufacturing standards violations at its Halol plant, Sun
Pharma's key factory in western India for over 3 years
    ** Analysts believe that this development brings the company
closer to obtaining FDA clearance for its Halol plant 
    ** Over 23.7 mln SUN shares change hands vs the 30-day
moving avg of about 5.7 mln
    ** More than 2.3 mln SPRC shares change hands vs the 30-day
moving avg of 250,289
    ** Up to Thursday's close, SUN stock had fallen 14.4 pct
while SPRC stock had declined 26.8 pct this year



 ((Reuters Messaging:
Jessica.Kuruthukulangara.reuters.com@reuters.net))