Claris Lifesciences hits upper circuit at 20% on EIR news

Claris Lifesciences Limited, one of the largest sterile injectibles company in India has announced on Monday that it has received the Establishment Inspection Report (EIR)  for its manufacturing facility located near Ahmedabad. The report filed by company suggested that the US  Food and Drug Administration (FDA) concluded that the inspection stands closed and the facility was found to be acceptable.

The US FDA had conducted audits at Claris's manufacturing facility in May, 2015. With the EIR in place for its manufacturing facility, the company can now expect to get ANDA (Abbreviated New Drug Application) approvals for its products in US. The market size for its already approved 13 ANDA products is at around US $200 million. Additional 26 ANDAs with a potential market size of US $ 1.5 is pending for approvals. In the near future the company expects ANDA approvals for 5 - 7 products. These products allow the company to address the US markets where the market size for these products is at US $ 240 million.

The stock is trading 20 percent up from its Friday's close. Claris Lifesciences has hit the upper circuit with only buyers in the counter with no sellers available at 13.00 pm on Monday. Over a period of 1 year the stock is down by almost 21 percent. The stock at 201 is trading above its 200 days simple moving average indicating bullishness in the scrip. The 52 w high for the stock is at 284.70 and the 52 w low for the scrip is at 126.