GlaxoSmithKline Pharmaceuticals Ltd to discontinue Zinetac tablets

GSK had earlier announced that it was contacted by regulatory authorities regarding the detection of NDMA in Zantac (ranitidine) products. Based on the information received and correspondence with regulatory authorities, the company made the decision in September 2019 and extended it in October 2019, to initiate a voluntary pharmacy/retail level recall in all markets of all Zantac products manufactured using all API sources, as a precautionary action.The recall also applied to all ranitidine products (Zinetac 150mg / 300mg Tablets) marketed by GSK in India. Further follow on disclosures in relation to the financial impact of the voluntary recall were also made on 3 February 2020.

GSK has continued to respond to the queries received from the regulatory authorities and to work actively with them to address their concerns. GSK has been conducting investigations into the potential source of the NDMA.

Subject to the approvals from the appropriate regulatory authorities, the Company has made a decision to discontinue the manufacture and supply of Zinetac tablets (150 mg and 300 mg products) manufactured in India and will in due course request cancellation of the marketing authorization(s) associated with Zinetac Tablets (150mg / 300mg). In the coming months, the Company will work closely with the regulatory authorities.

Shares of GLAXOSMITHKLINE PHARMACEUTICALS LTD. was last trading in BSE at Rs.1379.7 as compared to the previous close of Rs. 1383.05. The total number of shares traded during the day was 1660 in over 408 trades.

The stock hit an intraday high of Rs. 1395.6 and intraday low of 1364.25. The net turnover during the day was Rs. 2282471.

Source : Equity Bulls

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