Strides Arcolab gets US FDA nod for Oncology facility in Bangalore

Posted By: Religare
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Strides Arcolab gets US FDA nod
On Monday, Bangalore-based pharmaceutical company Strides Arcolab announced that Onco Therapies Ltd. had received the US Food and Drug Administration (FDA) authorization for its oncology facility in Bangalore, Onco Therapies is a division of Agila, which is a 100 per cent subsidiary of Strides Arcolab.

The pharma-sector company was looking forward to the nod, and now expects to begin receiving Abbreviated New Drug Application (ANDA) approvals for oncology products.

Some time back the company had also received a green signal from US FDA for its sterile facility in Bangalore.

Additionally, the firm recently announced its financial results for the first quarter. During the quarter, the company's consolidated net profit increased by 2.26 per cent to Rs. 40.7 crore from Rs. 39.8 crore for the year ago period. The consolidated net sales increased by 30.25 per cent to Rs. 486.5 crore.

While speaking to a news agency, TS Rangan, Group CFO, Strides Arcolab quoted that in 2011 they were targeting a median EBITDA of 21 per cent with increased sales of Rs. 2,200 crore.

At 12:37 P.M IST on Monday, on the Bombay Stock Exchange (BSE), stocks of the firm were trading at Rs. 380.50 down by 1.23 per cent or by Rs. 4.75. The stock had seen an intraday high of Rs 397.80 and a low of Rs. 375.30, till then.

Read more about: strides arcolab, bse, pharma
Story first published: Tuesday, May 3, 2011, 9:31 [IST]
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