Biocon drops after USFDA inspection of Bengaluru facility

Biocon lost 1.97% to Rs 614.15 at 9:20 IST on BSE after the company said that the USFDA concluded a pre-approval inspection of its insulin drug substance manufacturing facility at Bengaluru.

The announcement was made after market hours yesterday, 6 March 2019.

Meanwhile, the S&P BSE Sensex was up 38.67 points, or 0.11% to 36,674.77

On the BSE, 34,000 shares were traded in the counter so far compared with average daily volumes of 63,000 shares in the past two weeks. The stock had hit a high of Rs 617 and a low of Rs 608.50 so far during the day.

Biocon said that the USFDA concluded a pre-approval inspection of its insulin drug substance manufacturing facility triggered by a New Drug Application submitted by our insulin AP/customer. The inspection at the Bengaluru facility took place between 25 February 2019 to 5 March 2019, resulting in a Form 483 with six observations.

On a consolidated basis, net profit of Biocon rose 136.34% to Rs 217.20 crore on 45.65% rise in net sales to Rs 1540.80 crore in Q3 December 2018 over Q3 December 2017.

Biocon is Asia's premier biopharmaceutical company.

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