Sun Pharma resolves FDA warning letter
MUMBAI, India — Sun Pharmaceutical Industries last month said that it has resolved issues cited in a warning letter sent to the company by the Food and Drug Administration pertaining to one of Sun Pharma’s U.S.-based manufacturing facilities.
The generic drug maker said its wholly owned subsidiary received the go-ahead from the FDA following a reinspection of the plant, located in Cranbury, N.J., which was conducted this past June. The warning letter, which was issued Aug. 25, 2010, was considered resolved after the plant was declared as having acceptable regulatory status.
Coutu: Pharmacy growth driving results despite generic price changes
LONGUEUIL, Québec — Jean Coutu Group on Tuesday reported revenue of 635.2 million Canadian dollars (US $598.5 million) during the second quarter ended Aug. 27, an increase of 1.5%. Net profit per share came in at C$0.29, including a C$0.10 gain on sale of Rite Aid’s shares, compared with C$0.18 during the second quarter of fiscal year 2011.
Coutu credited the slight lift to market growth and a growing store base, but cautioned that the wave of generic drug introductions, coupled with the price reductions of generic drugs previously decreed by the Québec government, would have a negative drag on earnings. "Despite the price reductions of generic drugs, we have posted a significant growth of our operational results, which demonstrates the success of the implementation of our business plan,” stated François Coutu, president and CEO.
Shares of Coutu stock were down slightly, around 1.2%, from prior-day trading on the Toronto Stock Exchange. Earlier this morning, Coutu stock was down as much as 5%.
Taro adds new member to board
HAWTHORNE, N.Y. — Taro Pharmaceutical Industries recently appointed a new member to its board, following the resignation of Hasmukh Shah.
Shah, who cited personal reasons for leaving the drug maker’s board, was replaced by Dov Pekelman, who currently serves as chairman of both Atera Networks and Gilon Investments. Pekelman also served as senior consultant for Teva Pharmaceutical Industries from 1985 to 2008.
Pekelman will serve until Taro’s next annual general meeting of shareholders.