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Company Update – Aurobindo Pharma
In the recent update with regards to the USFDA import alert, Aurobindo Pharma has
indicated that it has engaged an American consultancy firm to resolve the issue. The
company has also got the clarity that the entire unit is under the ban, while it was thought
earlier that it was limited to only a part of it. Management is of the view that this should not
be a major setback as the manufactured products from the unit still could be exported to
non-US countries. About 25 products, including five/six for which approvals are yet to be
obtained, are affected by the ban. Pfizer, which had entered into a supply agreement with
Aurobindo Pharma in 2009 for oral dosages as well as injectibles, has also given
confidence of supporting Aurobindo Pharma after the complete understanding of the alert.
All these are positive developments for Aurobindo Pharma towards resolving the USFDA
issue. We maintain our estimates and recommend Accumulate on the stock with a
Target Price of `210.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Company Update – Aurobindo Pharma
In the recent update with regards to the USFDA import alert, Aurobindo Pharma has
indicated that it has engaged an American consultancy firm to resolve the issue. The
company has also got the clarity that the entire unit is under the ban, while it was thought
earlier that it was limited to only a part of it. Management is of the view that this should not
be a major setback as the manufactured products from the unit still could be exported to
non-US countries. About 25 products, including five/six for which approvals are yet to be
obtained, are affected by the ban. Pfizer, which had entered into a supply agreement with
Aurobindo Pharma in 2009 for oral dosages as well as injectibles, has also given
confidence of supporting Aurobindo Pharma after the complete understanding of the alert.
All these are positive developments for Aurobindo Pharma towards resolving the USFDA
issue. We maintain our estimates and recommend Accumulate on the stock with a
Target Price of `210.
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