June 8, 2018 / 9:20 AM / in 4 months

BUZZ-India's Sun Pharma rises; U.S. FDA issues VAI status to Halol plant

** Shares of Sun Pharmaceutical Industries Ltd rise as much as 9.2 pct, their biggest intraday pct gain since April 2015, to 533.65 rupees

** Sun Pharma Advanced Research surges as much as 14 pct, its biggest intraday percentage gain since Oct. 30, 2017, to 424 rupees

** U.S. FDA issues Voluntary Action Indicated (VAI) status to Sun Pharma on its Halol plant

** VAI status means that though objectionable conditions were found at the plant, the issues do not justify further regulatory action and any corrective action is left to the FDA to take voluntarily

** A Sun Pharma spokesman said the company was assessing the FDA update

** The drugmaker has faced regulatory scrutiny here over manufacturing standards violations at its Halol plant, Sun Pharma's key factory in western India for over 3 years

** Analysts believe that this development brings the company closer to obtaining FDA clearance for its Halol plant

** Over 23.7 mln SUN shares change hands vs the 30-day moving avg of about 5.7 mln

** More than 2.3 mln SPRC shares change hands vs the 30-day moving avg of 250,289

** Up to Thursday’s close, SUN stock had fallen 14.4 pct while SPRC stock had declined 26.8 pct this year

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