Dilip Shanghvi, chairman and managing director, Sun Pharmaceutical Industries, and Sudhir Valia, director held a conference call held to discuss the FDA raid on its US subsidiary Caraco Pharmaceutical Laboratories. This event has come as big blow for Sun. It has withdrawn its current guidance and will issue a revised one, in due course. The issue is expected to have a significant short term impact on Caraco and some adverse impact on Sun’s short term performance too.
Caraco
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Caraco claims sound financial position, but FDA action will harm performance
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Caraco issued a statement on Friday, clarifying its financial position after the FDA raid on its facilities. The company said that the inventory that has been seized by the regulator has a value of about $15-$20mn. It does not affect products sold by Caraco under third-party distribution agreements (such as with Sun Pharmaceutical Industries, its Indian parent company) and also products sold under the Caraco brand, but made by other companies. Continue Reading →
Filed under: Companies, Quick News, Caraco, Pharmaceutical, Sun Pharma
FDA sidewinder hits Caraco, Sun Pharma suffers collateral damage
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Caraco Pharmaceutical Laboratories, a 74% subsidiary of Sun Pharmaceutical Industries, has come under fire from the FDA. American enforcement officials raided Caraco’s plants, seized medicines and ingredients used in their production. The seizure has been attributed to Caraco’s continued failure to meet cGMP norms (current good manufacturing practices). The FDA had warned Caraco in October 2008 and had given it time to rectify the deficiencies. Continue Reading →
Filed under: Companies, Top News, Caraco, Companies Disclosures, Companies International, FDA, Pharmaceutical, Sun Pharma
What made the US FDA issue a warning letter to Sun Pharma’s subsidiary Caraco?
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The US FDA had issued a warning letter to Sun Pharma’s subsidiary Caraco Pharmaceutical Laboratories on Oct 31, 2008. The letter is now available on the FDA site detailing the reasons why the warning was issued. It points out deviations from current Good Manufacturing Practice (CGMP) regulations for medicines. These deviations were detected in an inspection between May 1 to June 11 2008, and are mainly due to issues related to quality control. Continue Reading →