Jubilant Life tumbles on warning letter for Washington plant - The New Indian Express

Jubilant Life tumbles on warning letter for Washington plant

Published: 05th December 2013 12:18 PM

Last Updated: 05th December 2013 12:18 PM

Jubilant Life Sciences, an integrated pharma and life sciences company, dropped on Thursday after the company received warning letter from US Food and Drug Administration (FDA) for its manufacturing facilities, Jubilant HollisterStier, LLC (JHS) located at Spokane, Washington State, US.

FDA specified in the warning letter that until all corrections have been completed and that they have confirmed correction of the violations and firm compliance to cGMPs. FDA may withhold approval of new applications or supplements listing JHS-Spokane as the drug product manufacturer.

"As required by FDA, JHS-Spokane will respond to this warning letter on or before Dec. 12, 2013. The response will identify corrective actions already been completed as well as some pending corrective actions to ensure on-going cGMP compliance," the company said. "We expect that the on-going manufacturing, distribution and sale of products from this facility will not be impacted as the warning letter will affect new approvals only. JHS-Spokane is committed to implementing the necessary corrective actions required to address the FDA concerns, and will work closely with the FDA to bring resolution to this matter," it added.Shares ofthe companyare trading at Rs 128.75, down Rs 11.25, or 8.04% at the Bombay Stock Exchange (BSE) on Thursday at 11:31 a.m.The scrip has touched an intra-day high of Rs 145.80 and low of Rs 127. The total volume of shares traded at the BSE is 349,510.In the earlier session, the shares declined 3.78%, or Rs 5.5, at Rs 140. Currently, the stock is trading down 48.14% from its 52-week high of Rs 248.25 and above 97.77% over the 52-week low of Rs 65.10.

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