Wockhardt rose almost 5% today morning to Rs.443. The stock has been gaining for the last 2 days and has risen 4.76% in the period.
The company had two good news to share. Firstly, Health Products Regulatory Authority, Ireland (‘HPRA’) and UK MHRA carried out joint Inspection of Shendra, Aurangabad facility of the Company. Following the inspection, HPRA has granted GMP Certificate to the facility, valid for a period of three years i.e. upto 31st January, 2022. This approval is significant as 30% of its revenue comes from Europe.
This comes close on the heels of the approval it received last week from the US FDA for its generic drug to treat prostrate cancer.
And the other news, though unconfirmed and reported by Economic Times is that it has approached global PE funds to raise around $300 million to help it lower its debt and improve its balance sheet.
Its debt as at 31st March 2018 stood at Rs.3400 crore and in the current fiscal had payments to be made to the tune of Rs.2000 crore.
It ended Q3FY19 with a loss of Rs.38 crore.
7 of its facilities continue to remain under regulatory restrictions by the US FDA since December 2017 .