Medicines produced in India, which supplies about 40 percent of generic and over-the-counter drugs sold in the United States, have come under increased scrutiny by the Food and Drug Administration over the past year.
Glenmark Pharmaceuticals Ltd is recalling some 2,900 bottles of its stomach ulcer drug ranitidine in the United States after a foreign tablet was found in one of the bottles.
Medicines produced in India, which supplies about 40 percent of generic and over-the-counter drugs sold in the United States, have come under increased scrutiny by the Food and Drug Administration over the past year.
In the last six months alone, products made by some of India's largest drugmakers, including Ranbaxy Laboratories Ltd , Sun Pharmaceutical Industries Ltd and Dr. Reddy's Laboratories Ltd have been recalled from the United States.
The lot being recalled was manufactured for Glenmark by Shasun Pharmaceuticals Ltd , and the foreign tablet was identified to be metoprolol tartrate, a drug to treat high blood pressure, according to information posted by the FDA on Thursday. The recall began on March 18.
"Corrective actions have been implemented and the recall is limited to only one lot of material," a Glenmark representative said in a statement to Reuters. "Financially, the impact of the recall is very insignificant."
Glenmark stock price
On April 17, 2014, Glenmark Pharma closed at Rs 582.45, down Rs 0.65, or 0.11 percent. The 52-week high of the share was Rs 612.00 and the 52-week low was Rs 467.50.
The company's trailing 12-month (TTM) EPS was at Rs 13.53 per share as per the quarter ended December 2013. The stock's price-to-earnings (P/E) ratio was 43.05. The latest book value of the company is Rs 93.03 per share. At current value, the price-to-book value of the company is 6.26.
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