The stock price of Biocon reacted through this week to the news which it announced on Saturday, hitting new highs since Monday. Today too, it hit a life time high at Rs.718.35 but profit booking has come at this level and the stock price is now down at Rs.703 levels, barely holding on to the green.
The good news from the company is that US FDA conducted a periodic cGMP inspection of its Drug Substance manufacturing site at Bangalore Campus from Sep 17 - 21, 2018 and it came out with flying colours!
The weeklong audit concluded without any observations and no Form 483 was issued. The successful audit of this site reflects the company’s commitment to cGMP compliance.
The approval does not mean that the company will get into the product launch immediately but what it does convey is the capability of Biocon in the arena of development and manufacture of biosimilars.