Strides Pharma Science has received a ‘Voluntary Action Indicated’ (VAI) classification from the U.S. Food and Drug Administration (USFDA) for its Alathur manufacturing facility in Chennai. This classification follows the conclusion of a Good Manufacturing Practices (GMP) inspection conducted by the USFDA between April 1-5, 2024. The VAI status indicates that while the facility has been identified with certain deficiencies, they do not require immediate corrective action by the company.

The Alathur facility plays a vital role in Strides Pharma’s global operations, producing tablets and capsules for the U.S. and other regulated markets. Despite the VAI classification, which is generally seen as a manageable outcome in regulatory inspections, the news triggered a notable reaction in the market. Strides Pharma Science’s shares dropped by 4.13% during intra-day trading, reflecting investor caution following the USFDA’s report.

Strides Pharma, headquartered in Bengaluru, operates a wide network of manufacturing sites across India, Italy, Kenya, and the United States. The company is well-regarded for its focus on manufacturing complex pharmaceutical products for regulated markets and its strategic approach in Africa, known as ‘in Africa for Africa.’

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Despite the recent dip, Strides Pharma has shown strong performance over the past year, with its stock gaining 97.64% year-to-date and surging 212.17% over the last 12 months, according to BSE analytics. As of August 19, 2024, the company’s market capitalization stands at Rs 11,885.60 crore.

By 02:30 PM on 19th August, Strides Pharma shares were trading at Rs 1,287.05, down 2.02% from the previous close of Rs 1,313.65 on the BSE. Approximately 34,000 equity shares worth Rs 4.36 crore were traded during the session, indicating a cautious market response to the USFDA’s latest inspection findings.

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