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SPARC shares fall over 2% as FDA revokes approval for seizure drug

The US Food and Drug Administration has revoked an approval issued in March to the company to launch a drug for seizure, citing manufacturing quality problems at its production site.

BT Online | September 28, 2015 | Updated 16:29 IST
SPARC shares fall over 2% as FDA revokes approval for seizure drug
Photo: Reuters

Shares of Sun Pharma Advanced Research company (SPARC) fell over 2 per cent in Monday's trade.

The US Food and Drug Administration (FDA) has revoked an approval issued in March to the company to launch a drug for seizure, citing manufacturing quality problems at its production site.

The move comes as a setback to SPARC, the research arm of India's largest drugmaker, Sun Pharmaceutical Industries. The drug, Elepsia XR, was its first to receive an FDA approval.

Shares of the company closed lower by 2.62 per cent at Rs 375.80 from its previous close on Bombay Stock Exchange (BSE).

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