Biocon gains over 7% after receiving EIR from USFDA

The stock surged 7% to Rs 420 on the BSE in early morning deal, trading close to its 52-week high of Rs 424 touched on July 19, 2017 in intra-day trade

Biocon surged 7% to Rs 420 on the BSE in early morning trade after the company said its facility received Establishment Inspection Report (EIR) with VAI (voluntary action indicated) status and closed the inspection.

The stock is trading close to its 52-week high of Rs 424 touched on July 19, 2017 in intra-day trade.

“The company confirms that the US Food and Drug Administration (FDA) has issued an EIR in relation to the cGMP (current Good Manufacturing Practice) inspection of its aseptic drug product facility that was audited between 25th May – 3rd June 2017,” Biocon said in a regulatory filing.

The FDA classified the outcome of this inspection as VAI and the EIR states that the inspection is closed, it added.

At 09:47 AM; the stock was trading 5% higher at Rs 413 as compared to 0.07% rise in the S&P BSE Sensex. A combined 2.3 million shares changed hands on the counter on the BSE and NSE so far.