Biocon Shares Surge on USFDA VAI Designation

11 Nov 2024 , 12:27 PM

After Biocon Biologics’ Bengaluru facility was designated as Voluntary Action Indicated (VAI) by the U.S. Food and Drug Administration (FDA) on Sunday, the company’s shares soared 5.4% to an intraday high of Rs 338.60 on the BSE today.

“Biocon Biologics’ facilities at Biocon Park, Bengaluru, India, have been classified by the U.S. Food and Drug Administration (FDA) as Voluntary Action Indicated (VAI),” the company said in a statement submitted to stock exchanges.

The company stated that the scope of the inspection included six (6) distinct biologics manufacturing units, which included two (2) drug product manufacturing plants and four (4) drug substance manufacturing plants, in addition to five (5) analytical quality control laboratories, four (4) microbiology laboratories, and two (2) warehouses.

The combined cGMP inspection and pre-licensing inspection (PLI), which took place between July 15 and July 26, 2024, is the subject of this update.

Over the past year, Biocon’s stock has up 47.7%, and so far this year, it has risen 31.4%. According to BSE analytics, the stock has increased by 10.4% over the last six months but has only decreased by 0.27% during the last three.

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