Caraco Agrees To Meet FDA Standards

DETROIT (AP) -- Generic drug developer Caraco Pharmaceutical Laboratories Ltd. said Tuesday it agreed to a series of measures with the Food and Drug Administration that will allow the company to resume manufacturing operations.

Caraco has issued several recalls over the year and suspended manufacturing operations because it was not meeting FDA standards. In July, it laid off 350 workers, or more than half its staff, to cut costs

Caraco did not provide details on the actions it has to take to get its Detroit-area operations running, but said it is moving forward on those actions.

Caraco shares closed at $4.21, down 6 cents, on Tuesday. The stock was not yet active in premarket trading on Wednesday.

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