Biocon spurts up

The good tidings seem to continue for Biocon. After the US FDA granted the Biocon’s Biologics facility as Voluntary Action Indicated (VAI) status, all eyes were on its Malaysian unit, which had received the Offical Action Indicated report from the FDA in Oct’23. Finally, this insulin Biologics unit in Malaysia too has received the VAI. This is a significant move for the company has it marks its exit from regulatory bottlenecks which seemed to have plagued the company for some time now. It also means that it will soon work on getting the approval and launch gAspart very soon.

VAI classification indicates the FDA found objectionable conditions or practices but the agency has determined the facility can voluntarily correct its deficiencies and will not recommend any action.

The stock is among the top five gainers on the BSE since the opening bell; from its close of Rs.360,.65, it opened for trade at Rs.370.50 and rose to an intraday high at Rs.376.95, up 4.5%.