March 6, 2018 / 5:40 AM / 4 months ago

BUZZ-U.S. FDA clearance of Sun Pharma's Halol plant may take 4-6 mths - CS

** Sun Pharmaceutical Industries’ Halol drug manufacturing plant may need four - six months to be cleared by the U.S. Food and Drug Administration (FDA), Credit Suisse analysts write in a note

** Latest concerns raised by the FDA at Halol, Sun’s key factory in western India, are “not very serious” and the site’s approval may not require an FDA reinspection - CS

** Brokerage continues to rate its ‘focus list stock’ as ‘Outperform’ with a TP of 640 rupees

** Co said on Feb 23 that FDA has issued form 483 with 3 observations for Halol facility

** Sun has been making remediations at the Halol site since 2015, when the FDA issued a warning letter for failing manufacturing standards there.

** 15 of 38 brokerages rate the stock “buy” or higher, 12 “hold” and 11 “sell” or lower; their median PT is 550 rupees

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