Biocon slips by 5 per cent on 7 USFDA observations for Bengaluru unit

Pharma major Biocon slipped by 5 per cent in Thursday’s trade as the United States Food and Drugs Association issued a Form 483 with 7 observation for the company’s Bengaluru manufacturing unit. The observations came after the US pharma regulator completed a pre-approval inspection of the company’s sterile drug product manufacturing unit in Bengaluru.

The company had also received 6 major observations from the European Regulator for its Bengaluru unit, recently. However, none of the observations were classified as critical.

On the financial front, the company posted a rise of over 25 per cent in its revenue to Rs. 1,169.5 crore in the fourth quarter of FY18 on a year-on-year basis on the back of strong growth in biologics and research services businesses.

The company’s share price recorded a growth of 68 per cent in the past 6-months. The company hit its 52-week high of Rs. 677.85 per share on April 30, 2018 and its 52-week low of Rs. 294.71 per share on May 25, 2017 on BSE, respectively.

In Thursday’s trade, the company posted an intraday high of Rs. 653.40 per share and an intraday low of Rs. 626.55 per share on BSE. At 10:49 hours IST, the stock was trading at Rs. 631.50 per share, down by 4.82 per cent on BSE on Thursday.