LIC also raised its stake to 1.55 percent at the end of March quarter, from 1.16 percent in previous quarter. However FPIs cut their stake in the company to 14.98 percent during the quarter, from 16.09 percent QoQ.
Biocon share price rallied 4.7 percent intraday on April 16 after its biological unit had received Establishment Inspection Report from the US health regulator for two manufacturing facilities.
The stock has been in an uptrend since the start of April, rising more than 30 percent along with other pharma stocks amid positive sentiment especially after the government allowed exports of anti-malarial drugs used in the treatment of COVID-19 patients.
It was trading at Rs 350.75, up Rs 13.85 or 4.11 percent on the BSE, at 1210 hours IST.
The company informed exchanges that its subsidiary Biocon Biologics India has received the Establishment Inspection Report (EIR) from the US Food and Drug Administration for the Pre-Approval Inspection (PAI) at two of its biologics manufacturing facilities in Bengaluru.
The inspection was conducted between September 10 and September 19, 2019. Biocon Biologics has responded to the regulator on the 8 observations from this inspection in October 2019.
Subsequent to the above inspection, Biocon Biologics has received approvals for the two products Trastuzumab (drug product) and Pegfilgrastim (drug substance) from the USFDA in 2019, said Biocon.
The receipt of the Establishment Inspection Report (EIR) indicated a successful closure of the inspection, it added.
"The formal closure of the US FDA inspection is expected to enable filing of marketing authorization applications for our biosimilar products in several global markets," a company spokesperson said.
Meanwhile, as per the March quarter shareholding pattern, mutual funds increased their stake in the company to 5.13 percent, from 3.76 percent in December quarter.
Aditya Birla Sun Life Tax Relief 96 acquired 1.10 percent stake and Mirae Asset Large Cap Fund 1.02 percent in Biocon during the quarter, while ICICI Prudential through its fund increased shareholding in the company to 1.43 percent from 1.06 percent QoQ.
LIC also raised its stake to 1.55 percent at the end of March quarter, from 1.16 percent in previous quarter. However FPIs cut their stake in the company to 14.98 percent during the quarter, from 16.09 percent QoQ.Time to show-off your poker skills and win Rs.25 lakhs with no investment. Register Now!
