Biocon gained 1.15% to Rs 293.8 after the company said its oral solid dosage manufacturing facility completed pre-approval USFDA inspection with zero observations.
Biocon in an exchange filing during market hours today announced that the US Food and Drug Administration (FDA) conducted a Pre-Approval Inspection (PAI) of the oral solid dosage manufacturing facility of Biocon Pharma, a subsidiary of Biocon. The PAI was triggered by the submission of an Abbreviated New Drug Application (ANDA).The inspection of the Bengaluru facility, which took place between 13 and 17 January 2020, concluded with zero observations and no Form 483 was issued.
Biocon has surged 13.2% in three months as compared to an 8.75% rise in Nifty Pharma index. The stock trades above its 50-day and 200-day moving average (DMA) placed at Rs 281.56 and Rs 261.52 respectively.
Biocon will announce its Q3 December 2019 result on 23 January 2020. The drug maker's net profit fell 39.2% to Rs 215.70 crore on a 19% increase in net sales to Rs 1572.20 crore in Q2 September 2019 over Q2 September 2018.
Biocon is an innovation-led global biopharmaceuticals company committed to enhance affordable access to complex therapies for chronic conditions like diabetes, cancer and autoimmune. It is a leading global player for high quality biosimilars, APIs including statins, immunosuppressants and specialty molecules.
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