Lupin gains 3% as Vizag API facility receives EIR from USFDA

Brokerage firm Prabhudas Lilladher has upgraded Lupin's stock to 'Buy' from earlier 'Reduce' with target price of Rs 978

Shares of Lupin rose 3 per cent to Rs 863 on the BSE on Thursday after the company’s API (Active Pharmaceutical Ingredients) in Vizag received the establishment inspection report (EIR) from the US health regulator.

The pharmaceutical company today announced the receipt of the EIR from the United States Food and Drug Administration (USFDA) after closure of the inspection for its Vizag (Vishakhapatnam), India facility. The inspection for the API facility was conducted by the USFDA between January 13, 2020 and January 17, 2020, it said.

Lupin enjoys leadership position in the cardiovascular, anti-diabetic, and respiratory segments and