3 days ago
HomeMarket NewsIOL Chemicals gets Chinese regulatory approval to export Ibuprofen
The Chinese drug regulator has allowed IOL Chemicals to export its Ibuprofen drug to the local market.
Shares of IOL Chemicals Pharmaceuticals Ltd. are in focus on Tuesday, April 29, after the company on Monday evening said that it has received approval from the Center for Drug Evaluation (CDE) of the Medical Products for its Ibuprofen drug.
The CDE is the Chinese drug regulator.
Following this approval, IOL Chemicals can now export Ibuprofen to the Chinese markets.
Ibuprofen is a widely used non-steroidal anti-inflammatory drug (NSAID) effective in relieving pain, reducing inflammation, and lowering fever, IOL Chemicals said in an exchange filing.
Over the weekend, one of the company's plants on its factory premises in Barnala district, Punjab, witnessed a gas leak. Four people suffered injuries, while one person was declared dead. Of the remaining three injured persons, one has been discharged from the hospital, while the other two have been kept under medical observation.
The company said the gas leak was contained within a single unit and brought under control immediately. It said it is committed to providing full support, including the best possible medical care for the injured. It added that is reported the incident to all relevant statutory authorities and investigations are underway. The company said the incident does not impact its operations.
Shares of IOL Chemicals and Pharmaceuticals ended the previous session 1.63% lower at 65 apiece. The stock has declined 21% this year, so far.
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