The drug regulatory authority has withdrawn its suspension order on Indo-Bangla Pharmaceuticals Ltd, allowing it to produce and sell drugs in the local market.
On Tuesday, the drugmaker disclosed this on the websites of the Dhaka Stock Exchange (DSE) and the Chittagong Stock Exchange (CSE).
Company Secretary Mohi Uddin told The Business Standard, "Due to a personal problem of the company authorities, the drug administration had imposed a temporary ban on our production and marketing. Now the problem is solved and the drug administration has withdrawn the suspension upon a High Court order."
Earlier on 7 March, Indo-Bangla Pharmaceuticals received a letter from the Directorate General of Drug Administration (DGDA), temporarily banning the production and marketing of the company.
The company immediately filed a writ petition against the order and the High Court on 14 March issued a rule asking the DGDA to explain why the ban should not be declared illegal.
Inaugurated in 1954, the company went by the name of Indo-Pak Pharmaceutical Works (IPW), but after independence, the government took control of the drugmaker.
It was registered in Bangladesh under the privatisation act as Indo-Bangla Pharmaceutical Works.
In 1982, the government sold the company which was listed on the stock exchanges in 2018.
It manufactures and sells all kinds of medicines (excluding antibiotics), and does medical preparations of drugs and chemicals (human health).
The company has also sought permission to manufacture and sell veterinary medicine.
In the last fiscal year, Indo-Bangla Pharmaceuticals reported a profit of Tk15.62 crore, and earnings per share (EPS) stood at Tk1.40.
The company has paid a 4.50% cash and 2% stock dividend to shareholders.
In the first half of this fiscal year, it posted a revenue of Tk41.92 crore and net profit was Tk7.53 crore.
Its share price stood at Tk16.30 on the DSE on Tuesday.