Drug company Strides Arcolab announced that the US health watchdog has extended its favorable reception for the company's plant at Bangalore.

In a declaration, Strides Arcolab stated, "Oral dosage forms' manufacturing site in Bangalore was recently inspected by the United States Food and Drug Administration (USFDA) as part of the GMP compliance audit and the facility continues to be approved with zero inspectional observation."

The previous USFDA examination as well as authorization for this plant was conducted in the year 2008.

Strides Arcolab CEO Manish Gupta stated, "This continued approval of the site with zero observation in FDA 483 augurs very well for the pharma division of the company in this challenging regulatory and business environment."

The plant situated at Bangalore makes pills and capsules and the facility supports existing and future plans for the US market.

In addition, Strides Arcolab announced that its facility has bagged European Union's nod to roll out cancer cure medication Oxaliplatin in the UK market.

The medicine, utilized to cure the cancer of the colon and rectum, would be fabricated in Strides Arcolab's Bangalore facility.

The combined European market for Oxaliplatin is around $312 million, it said, adding the authorization for the rest of the European nations was projected soon.

At 1:18 p. m., the stock of the company stood at Rs 300.45, down 1.3%, on the Bombay Stock Exchange (BSE).

The share price has seen a 52-week high of Rs 463.70 and a low of Rs 276.25 on BSE.

Current EPS & P/E ratio stood at 18.86 and 15.92 respectively.

Source: 15. Sep. 2011, newstonight.