Shares of contract development and manufacturing company Societal CDMO (NASDAQ:SCTL) are rising in the pre-market session today after the U.S. Food and Drug Administration (FDA) greenlighted the company as a manufacturer of commercial tablet product.
SCTL expects to commence manufacturing at its Georgia facility later in 2023. Importantly, this is the first commercial tablet that the company has been approved to produce.
Shares of the company have declined nearly 25% so far this year. At the same time, the enterprise value to EBITDA multiple of the company still remains elevated at about 34 at present.
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