Mumbai-based drug-maker Ipca Laboratories Ltd has voluntary stopped shipments from its active pharmaceutical ingredients (APIs) manufacturing facility situated at Ratlam (Madhya Pradesh) for the US market.
During the recent USFDA inspection at the company's APl manufacturing facility the company had received certain inspection observations from the US drug regulator. Consequent to this, the company has voluntarily decided to temporarily suspend API shipments from this manufacturing facility for the US markets till this issue is addressed, it said on Thursday.
This voluntarily stoppage of API shipments from the Ratlam manufacturing facility will also have impact on the company's formulations export business to the US market since the company's formulations manufacturing units situated at Piparia (Silvassa) and SEZ, Indore (Pithampur) use the APls manufactured from the company's Ratlam facility.
Ipca counts a string of institutional investors in the company including private equity firms ChrysCapital and SAIF Partners besides few sovereign wealth funds.
The mid-size pharma company is more than six decades old and has a significant presence in domestic branded formulations, global branded and generic formulations and global APIs.
For the year ended March 31, 2014, it had revenues of Rs 3,281.7 crore with net profit of Rs 478.5 crore.