Marksans Pharma jumps 7%, extends gains to fourth session

NEW DELHI: Shares of Marksans Pharma jumped over 7 per cent in morning trade on Tuesday to take its four-day winning streak to 39 per cent after the drugmaker said its Goa plant had been inspected by the UK health regulator without any critical observations.

The stock, which spurted 20 per cent on Monday following the announcement, surged 7.49 per cent more on Tuesday to hit a high of Rs 52.35 on BSE. Overall, the stock has rallied 38.85 per cent in four sessions till Tuesday morning.

The plant located at Verna was inspected by UK Medicines and Healthcare products Regulatory Agency (MHRA) from February 14-17, the company told BSE.

"The same has been completed without any critical observation," it said on Monday.

The company, which makes formulations at the facility, is awaiting further instruction from the agency in this regard, Marksans Pharma said.

“We expect Marksans’ performance to improve on the success of the three products that have been launched in the US recently. The company has received target dates for seven products from US FDA in FY17 and expects additional approvals,” Centrum Broking said in a recent note.