Biocon gains after Bengaluru facility receives EIR from USFDA

Biocon rose 1.67% to Rs 638.95 at 9:19 IST on BSE after the company said its sterile drug product facility received establishment inspection report from the US drug regulator.

The announcement was made on Saturday, 23 June 2018.

Meanwhile, the S&P BSE Sensex was down 40.73 points, or 0.11% to 35,648.87.

On the BSE, 32,000 shares were traded in the counter so far compared with average daily volumes of 1.44 lakh shares in the past two weeks. The stock had hit a high of Rs 640.60 and a low of Rs 634.25 so far during the day. The stock hit a record high of Rs 695 on 5 June 2018. The stock hit a 52-week low of Rs 305 on 10 July 2017.

Biocon announced that has received an Establishment Inspection Report (EIR) from the US Food and Drug Administration (USFDA) for its sterile drug product manufacturing facility in Bengaluru, following the USFDA pre-approval inspection of this facility in April/ May 2018. EIR notified that the inspection stands closed.

On a consolidated basis, net profit of Biocon rose 21.44% to Rs 139.90 crore on 26.39% rise in net sales to Rs 1169.50 crore in Q4 March 2018 over Q4 March 2017.

Biocon is India's largest and fully-integrated, innovation-led biopharmaceutical company.

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