Biocon stock closes 7.27% higher on inspection closure report from USFDA

The Biocon stock closed 7.57 percent higher in Monday's trade after the biotechnology firm said it has received the Establishment Inspection Report with 'voluntary action indicated' status from the USFDA on closure of inspection of its aseptic drug product facility.

At 10:53 am, the Biocon stock was trading 4.11 percent or 16 points higher at 410 level on the BSE.

The stock closed 7.57 percent or 28.65 points higher at 423 level on the BSE.

Shares of Biocon surged as much as 6.4 percent today, their biggest intraday percentage gain since November 17.

The stock is up almost 33.7 percent since the beginning of this year.  On an yearly basis, the stock is up 45.76 percent on the BSE.

"The US Food and Drug Administration (USFDA) has issued an Establishment Inspection Report in relation to the cGMP (current good manufacturing practice) inspection of its aseptic drug product facility that was audited between May 25 -June 3, 2017," Biocon said in a BSE filing. "The USFDA has classified the outcome of this inspection as VAI (voluntary action indicated) and EIR states that the inspection is closed," it added.

The company has not elaborated on the VAI status. The USFDA releases a copy of the EIR to the establishment that was the subject of an FDA or FDA-contracted inspection when the agency determines the inspection to be closed.