FDA Warning Eclipses Sun, SPARC But Investors Stand Pat
This article was originally published in Scrip
Shares of Sun Pharmaceutical Industries Ltd and Sun Pharma Advanced Research Company Ltd (SPARC) were pounded in early trade Dec. 21 on Indian bourses after the weekend announcement of an FDA warning letter for Sun's Halol site, though analysts appeared cautiously optimistic about the firm's bounce-back prospects despite the short-term pain.
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Sun Pharma’s research arm SPARC says it’s still convinced its Indian parent’s troubled Halol plant offers the shortest route to US regulatory approval for its epilepsy drug Elepsia and its glaucoma medicine Xelpros. US FDA clearances of both drugs have been stalled by manufacturing lapses at Sun Pharma’s factory. But SPARC says it has a manufacturing 'plan B' if necessary.