USFDA issue EIR to Lupin; stock shines on the bourses

Pharma major Lupin informed the bourses today that it has received an establishment inspection report (EIR) after closure of USFDA inspection of its Nagpur (India) facility. The inspection for the facility was carried out by USFDA between January 6 and January 10, 2020.

Earlier this month, the company had launched Mycophenolic Acid Delayed-Release tablets USP, 180 mg and 360 mg. Lupin’s alliance partner Concord Biotech Ltd had received an approval from United States Food and Drug Administration (USFDA) earlier.

As on Q3FY20, the company had received USFDA approval for four ANDAs while, 152 ANDAs were pending review.

With response to this development, the stock of Lupin opened gap up at Rs 800 apiece as against its previous close of Rs 787.75. Later, it surged nearly eight per cent to touch an intraday high of Rs 848.6.

The company develops and commercialises a wide range of branded and generic formulations, biotechnology products and APIs in over 100 markets in US, India, South Africa and across Asia Pacific (APAC), Latin America (LATAM), Europe and Middle-East regions.