Thursday, December 2, 2010

Carlyle Group's Claris IPO: A Foreign Matter

The Carlyle Group launched an independent public offering for Claris Lifesciences, an Indian drug maker.  Claris went public in Mumbai. 

The FDA recalled Claris lots of four injectable drugs due to reports of floating matter

The FDA has notified healthcare professionals not to use the intravenous medications, metronidazole, ciprofloxacin and ondansetron manufactured by Claris Lifesciences due to contamination. Claris is initiating a recall of all lots of these products, which may be sold under the Claris, Sagent Pharmaceuticals, Pfizer, or West-Ward Pharmaceuticals labels. The FDA received reports of floating matter in intravenous bags of metronidazole and ondansetron. Foreign matter should not be present in a sterile injectable product. Healthcare professionals should not use these products and should immediately remove them from their pharmacy inventories.

The FDA cranked up its concern regarding Claris, sending a warning letter on November 1.  Customers complained about intravenous bags contaminated with fungus and bacteria.

Does the same warning apply to Claris and stock portfolios?  What else does Carlyle India have in store for us?