Orchid Pharma rekindled

It is after a long time that Orchid Pharma is in the news. Once a favourite on the bourses, it soon got lost amongst the new entrants in the pharma sector. The stock is today up almost 6.5% at Rs.41 levels and this is after hitting an intra day high at Rs.43.90. Volumes are up over 9 times.

The reason for this rekindled interest is the announcement it made today morning – the company informed that it has received the Establishment inspection report (EIR) from USFDA based on the successful inspection closure for the API manufacturing facility located at Kancheepuram District, India.

The facility was inspected by USFDA in the month of August 2015.

This comes as a great relief especially with so many companies currently under the FDA scanner.