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Claris Lifesciences saw its stock price soar nine per cent on the BSE, at Rs 285 on Monday, buoyed by market talk that the company could be selling its injectibles business to a Japanese company for about $400 million.
Regulatory issues
The deal, according to analysts, was expected to be sealed shortly. The Ahmedabad-based Claris did not comment on the speculation.
Claris has, however, been in the news for regulatory issues it has faced in the United States market. Its products had been put on an import alert, after it was sent warning letters by the United States Food and Drug Administration.
In fact, in 2009, Pfizer Inc had entered into sourcing agreements with Claris. And following the regulatory concerns in the US market, Pfizer had indicated that it would take up these quality issues with its suppliers.
However, a recent Claris communiqué said the company has “successfully resolved the USFDA issue and the US health regulator has lifted the import alert.
Can sell in US
The company can now market and sell its products in the United States.”
The company clocked revenues of Rs 194 crore for the three months ended September 30 and a net profit of Rs 25 crore.
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