FDA Bans Some Imports From India’s Sun Pharma; Shares Plunge
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The Food and Drug Administration banned imports from a plant operated by Mumbai-based Sun Pharmaceutical Industries Ltd. amid widening scrutiny of Indian drugmakers that feed the $93 billion U.S. generics market.
A Sun Pharma facility in Gujarat state was put on the FDA’s “red list” meaning products can be detained without physical examination, according to a posting on the FDA website. The company, India’s largest drugmaker by market value, plunged the most in almost two years in Mumbai trading.