UPDATE: Pfizer gets interim stay on cough syrup ban
pharmafile | March 15, 2016 | News story | Manufacturing and Production, Research and Development |ย ย Abbott Laboratories, Corex, Pfizer, Pfizer Indiaย
Shares in Pfizer India continued to tumble for a second day even as an Indian court granted the company a stay on the ban for its cough syrup Corex.
The injunction came close on the heels of a government order directing the company to stop production of the drug with immediate effect.
The Indian arm of pharma giant Pfizer Inc (NYSE: PFE) appealed the ban through a writ petition in the New Delhi High Court, which granted the company a stay on Monday, pending the next hearing, the company said in a statement.
Pfizer shares closed down 9% on the Bombay Stock Exchange, Monday, before the stay order was issued.
The next hearing on Pfizer’s plea is scheduled for March 21.
The drug ban was also directed for Phensedyl cough syrup, produced by the Indian arm of Abbott Laboratories (NYSE: ABT).
Anjali Shukla
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