Aurobindo slumped 17 percent in Mumbai trading on Feb. 24, when it said it was notified of an import alert by the Food and Drug Administration on products made at its Unit-VI plant in Hyderabad. Pfizer and Aurobindo don’t yet know the specific reason for the alert, the New York-based drugmaker said in an e- mailed statement today.
Import alerts are guidance documents concerning significant reoccurring, new or unusual problems affecting import coverage, according to the FDA. In the Aurobindo case, the alert affects four of Pfizer’s injectable antibiotics and five products sold to Pfizer’s Greenstone LLC generic-drug subsidiary, the company said. Most products manufactured by Aurobindo and sold by Pfizer are made at other Aurobindo units and aren’t affected by the import alert, Pfizer said today.
“Once we understand FDA’s concerns, we will work with Aurobindo to assist with next steps,” Pfizer said in the statement.
Aurobindo gained 4.1 percent to 183.75 rupees at the 3:30 p.m. close in Mumbai. The shares have lost 30 percent of their value since Jan. 1. India’s benchmark Sensitive index ended little changed.
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