Vera Laboratories Ltd, a Hyderabad-based company that is going to be merged with Matrix Laboratories Ltd, has received US FDA Approval for Trazodone, an anti-depressant drug, a release from Bombay Stock Exchange said.
Vera Labs' manufacturing facility near Visakhapatnam has USFDA and European Regulatory authorities-approval. Since starting commercial production in 1995, it has developed over 30 products, and its customer base in regulated markets includes Watson Pharmaceuticals, Apotex and Lek Pharmaceuticals.
Recently, Vera Laboratories Ltd (VLL) has successfully entered into a one-time settlement (OTS) with the financial institutions and banks. The OTS proposal was for the settlement of all outstanding dues of term loans.
Vera had been awarded the certificate of suitability of Monographs of the European Pharmacopoeia for Naproxen, a Non-Steroidal Anti Inflammatory Drug, by the European Department for the Quality of Medicines.
Matrix, the 537-crore company, had acquired Medicorp Technologies India Ltd and merged Vorin Laboratories Ltd (a subsidiary of Ranbaxy Laboratories) during the year 2002.
Meeting of Equity shareholders of the company will be held on July 23, 2004 for approving the Scheme of Arrangement for Amalgamation of Vera Laboratories Ltd, Fine Drugs & Chemicals Ltd, Medikon Laboratories Ltd, Calibre Engineering Pvt Ltd with the company, company informed BSE.