Biocon share price rises 3% on receiving EIR from USFDA

Biocon share price closed higher today after the firm said it received Establishment Inspection Report (EIR) from US Food and Drug Administration (FDA). Share price of Biocon rose up to 3.22% to Rs 360.9 against previous close of Rs 349.65 on BSE. Biocon stock closed 2.73% higher at Rs 359 on BSE. It is 2.39% away from 52-week high of Rs 367.8 touched on April 20 this year.

Biocon share stands higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. Market capitalisation of the firm rose to Rs 43,104 crore on BSE. It has fallen 31.58% during the last one year and gained 22.2% since the beginning of this year.

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Total 1.48 lakh shares changed hands amounting to turnover of Rs 5.27 crore. The stock hit its 52-week low of Rs 211.30 on August 20, 2019. The company has received the Establishment Inspection Report (EIR) from the US Food and Drug Administration (FDA) for the pre-approval and GMP inspection of its Small Molecules API Manufacturing facility at Biocon Park SEZ, Bommansandra, Bengaluru.

The inspection was conducted between January 20 and January 24, 2020. At the conclusion of the inspection, the agency had issued a Form 483, with five observations, which are being addressed by the company. The EIR has been closed with a VAI classification for the observations.