Strides Pharma jumps up over 4%

Strides Pharma Science went up over 4% to Rs.510 and continues to remain firmly in the green.

The stock price is up on news that Australian Competition and Consumer Commission (ACCC) has cleared the merger of Arrow Pharmaceuticals, a subsidiary of Strides Pharma Science and Apotex Australia.

The company has also confirmed that ACCC would not contest the merger of two companies.

The transaction remains subject to the conclusion of definitive agreements, Board approval and the satisfaction of certain other conditions, including approval from the Australian Foreign Investment Review Board.

And on the 18th, the company stated that its formulations facility in Bangalore recently underwent pre- approval product inspection by the USFDA. The inspection ended on August 25, 2018 and the company has been issued a Form 483 with 3 observations. The Company believes that the observations are not material in nature and it has already responded to the USFDA.