Fed's Drug Seizure From Detroit Generic Maker Caraco Spurs Layoffs And Credit Line Freeze, An Industrial Info News Alert

Sugar Land, TX--(Marketwire) - Reported by Annette Kreuger, Industrial Info Resources (Sugar Land, Texas) -- Generic drugmaker Caraco Pharmaceutical Laboratories Limited (AMEX:CPD) (Detroit, Michigan) continues to garner industry attention, but at the moment, this attention comes for all the wrong reasons. During the past couple of years, the company, a subsidiary of India's Sun Pharma (Mumbai), has been a darling in the battered Detroit business arena as it invested in a new facility in Wixom and expanded its existing manufacturing plant in Detroit (reference: Industrial Info's Pharmaceutical & Biotech Tracker). This all changed earlier this month, when the U.S. Food and Drug Administration (FDA) ordered the seizure of all of the company's medicines following repeated violations of current Good Manufacturing Practices.

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SOURCE: Industrial Info Resources