Strides Pharma hits 52-week low on ranitidine sales suspended in US market

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Shares of Strides Pharma Science touched the 52-week low of Rs 321.65, falling 2 percent in the early trade on September 27 after the company had suspended sales of ranitidine tablets in the US market.

The company has received an Information Request (IR) from the USFDA to provide the test data related to Nnitrosodimethylamine (NDMA) impurities in Ranitidine tablets. This data is to be provided to the agency in 30 days, company said in BSE release.

While the company conducts the relevant tests mandated by the USFDA, it has suspended the sales of ranitidine tablets in the US market. Until such time, it has the clarity of next steps as would be indicated by the USFDA, it added.

The company predominantly sells Ranitidine tablets in the US markets, and its front-end sales globally for the product were USD 9 million in H1FY20.

In spite of this temporary suspension of the ranitidine supplies, the company retains its FY20 growth outlook for the US markets.

At 09:23 hrs Strides Pharma Science was quoting at Rs 324, down Rs 4.60, or 1.40 percent on the BSE.

[“source=moneycontrol”]