Biocon Ltd - Update on U.S. FDA Inspection at Biocon Biologics' Manufacturing Facility in Johor, Malaysia

"Biocon Sdn Bhd., a step-down subsidiary of Biocon Biologics Limited has received a communication from the U.S. Food and Drug Administration (FDA) pursuant to its July 2023 cGMP inspection at its insulins manufacturing facility at Johor, Malaysia. The FDA has determined the inspection classification as "OAI" (Official Action Indicated). The OAI status may cause delay and/or withholding of pending product approvals or supplements from the facility.

We submitted a comprehensive Corrective and Preventive Action (CAPA) plan to the FDA in response to observations from the July inspection and believe we are on track to complete all actions as committed. The Company will continue to engage with the Agency to understand any outstanding concerns and work closely to address them expeditiously.

We do not believe that this will have a material impact on the manufacturing and distribution of the Company's commercial products for the US market. Biocon Biologics remains committed to bringing high-quality and affordable medicines to patients in the United States." - Company Spokesperson.

Shares of Biocon Limited was last trading in BSE at Rs. 254.35 as compared to the previous close of Rs. 254.15. The total number of shares traded during the day was 31343 in over 749 trades.

The stock hit an intraday high of Rs. 257.50 and intraday low of 253.70. The net turnover during the day was Rs. 8004741.00.

Source : Equity Bulls

Keywords

Biocon INE376G01013 BIoconSdnBhd BioconBiologics USFDA cGMPInspection Insulin ManufacturingFacility