Laurus Labs Stocks Are Up By 2.5 Points After Receiving EIR Report From USFDA!

Today, Pharmaceutical and biotechnology company Laurus Labs has received the Establishment Inspection Report (EIR) from United States Food and Drug Administration (USFDA) for its formulations manufacturing facility Unit–2, APSEZ, Atchutapuram, Visakhapatnam, Andhra Pradesh.  Earlier, USFDA had conducted inspection at the said manufacturing unit from February 06, 2023, to February 10, 2023.  

Last month, Laurus Labs announced that it signed definitive agreements to acquire an additional 7.24% stake in Immunoadoptive Cell Therapy Pvt Ltd (lmmunoACT) for a cash consideration of Rs 80 crore. ImmunoACT is an advanced cell and gene therapy company. The company had already acquired 26.62% of its stake in ImmunoACT in November 2021. 

Laurus Labs is a leading research and development-driven pharmaceutical company in India. The company has grown consistently to become one of the leading manufacturers of APIs for anti-retroviral (ARV) and Hepatitis C. It also manufactures APIs in oncology and other therapeutic areas. 

The company develops innovative medicines that greatly improve health outcomes for patients with an unremitting focus on quality and affordability. It works with all the top generic pharmaceutical companies in the world. The company sells its APIs in many countries. Its major focus areas include anti-retroviral, Hepatitis C, and Oncology drugs. 

Laurus Labs is currently trading at Rs 368.95, up by 2.15 points or 0.59% from its previous closing of Rs 366.80 on the BSE. The scrip opened at Rs 368.95 and has touched a high and low of Rs 371.45 and Rs 366.80, respectively. So far 34,287 shares were traded on the counter. 

The BSE group ‘A’ stock of face value of Rs 2 has touched a 52-week high of Rs 605.50 and a 52-week low of Rs 279.65. Last one week high and low of the scrip stood at Rs 371.45 and Rs 324.95 respectively. The current market cap of the company is Rs 19,822.35 crore. The promoters holding in the company stood at 27.20%, while Institutions and Non-Institutions held 32.16% and 40.64%, respectively.