Biocon declines as EDQM finds one major deficiency at API plant

Biocon declined 2.47% to Rs 284.10 after the company said that the European Directorate for the Quality of Medicines and Healthcare (EDQM) found one major 'deficiency' at its Bengaluru active pharmaceutical ingredient (API) plant.

Biocon said the European medical regulator conducted a good manufacturing practices (GMP) inspection of its API plant in Bengaluru from 12 September 2022 to 14 September 2022. Post inspection, a list of deficiencies was issued on 5 October 2022.

The pharma company said that there were no critical deficiencies and one deficiency cited under the category 'major'. The company also added that it will respond to the agency with appropriate corrective and preventive actions within the stipulated time.

Biocon added that it remains committed to the quality, safety & efficacy of its products.

Biocon is a global biopharmaceutical company committed to enhancing affordable access to complex therapies for chronic conditions like diabetes, cancer, and autoimmune.

The biotech company's consolidated net profit surged 71.1% to Rs 144.40 crore on 21.5% jump in revenue from operations to Rs 2,139.50 crore in Q1 FY23 over Q1 FY22.

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