IndoCo Remedies' stock declines as USFDA issues four observations for Goa facility

Indoco Remedies share price: Shares of IndoCo Remedies, the research-oriented pharma company engaged in the manufacturing and marketing of Formulations (Finished Dosage Forms) and Active Pharmaceutical Ingredients (APIs), slipped in the trade on the BSE on Monday, June 5. The stock price took a hit as the company informed exchanges that the USFDA had inspected its sterile facility (Plant II), located at Goa ("Facility"), from February 20, 2023, to February 28, 2023, and the said facility had four observations in Form 483. The USFDA has determined the inspection classification of this facility as OAI (Official Action Indicated).

Reacting to the development, the company said it was committed to working with USFDA for remediation of the concerns on the highest priority. Further, Ms Aditi Panandikar, Managing Director, said, “We have done considerable remediation work and shall continue to implement necessary additional corrective actions. We are committed to being cGMP compliant and supplying quality products to our customers and patients across the globe.” 

"Further, we believe that this inspection classification will not have an impact on existing supplies or revenues from this Facility," the company added. 

The company's shares ended at Rs 333 apiece, down 5.63 per cent on the BSE.