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IOL Chemicals and Pharmaceuticals, the specialty chemicals and active pharmaceutical ingredient (API) company said that it has received a ‘Certificate of Sustainability’ (CEP) from European Directorate for the Quality of Medicines (EDQM) to export Pantoprazole Sodium Sesquihydrate to the European market.

Pantoprazole Sodium Sesquihydrate is a water-soluble off-white crystalline powder used for the treatment of acidity.

In another filing, IOL Chemicals and Pharmaceuticals also informed the bourses that it has been granted a Patent on the “Sitagliptin Process” from the Indian Patent Office on November 2.

Last month, the board of IOL Chemicals and Pharmaceuticals approved an investment of $2.1 million in Uspharma Ltd, a United States-based company that specialises in drug delivery technologies.

IOL Chemicals and Pharmaceuticals is the world's largest manufacturer of Ibuprofen and the second largest manufacturer of Iso-Butyl Benzene (IBB).

The company reported a net profit of Rs 34.9 crore for the June quarter. The total income stood at Rs 570.2 crore against Rs Rs 524.2 crore a year ago.

Shares of IOL Chemicals and Pharmaceuticals ended 3.21 percent higher at Rs 373 on Thursday.

(Edited by : Rukmani Krishna)