Biocon shares up 7 percent as facility gets inspection closure report

New Delhi: Shares of biotechnology firm Biocon surged over 7 percent after the company said it has received an EIR from the USFDA on the closure of inspection of its aseptic drug product facility.

The stock soared 7.27 percent to settle at Rs 423 on BSE. During the day, it zoomed 7.74 per cent to Rs 424.90 - its 52-week high.

At NSE, shares of the company gained 7.31 percent to end at Rs 423.20.

In terms of equity volume, 7.55 lakh shares of the company were traded on BSE and over 80 lakh shares changed hands at NSE during the day.

Biocon said it has received the EIR (Establishment Inspection Report) with voluntary action indicated status from the USFDA on the closure of inspection of its aseptic drug product facility. "The US Food and Drug Administration (USFDA) has issued an EIR 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 releases a copy of EIR to the establishment that is the subject of an FDA or FDA-contracted inspection when the agency determines the inspection to be closed.