Biocon plunges about 8% on upcoming inspections by EMA and USFDA

Shital Jibhe / 02 Mar 2017

Biocon plunges about 8% on upcoming inspections by EMA and USFDA

Two upcoming crucial inspections of Biocon by the European medicines agency EMA later in March and by USFDAin April has taken a toll on Biocon stock's performance.

Two upcoming crucial inspections of Biocon by the European medicines agency EMA later in March and by USFDA in April has taken a toll on Biocon stock's performance.

EMA is a European medicines agency, while USFDA operates in the USA.

The inspections, which will be made as a consequence of Biocon's application for Pelfilgrastim and Trastozomab, are important developments for the company. Pegfilgrastim is used to boost white blood cells in cancer patients, while Trastozomab is used to treat certain types of breast cancer.

The speculation on inspections resulted in a plunge of 7.9 per cent in Biocon's stock, which touched a low of Rs 1026.25 on the BSE today.

Biocon, the Bengaluru-based biologics facility, is India's largest generic pharmaceutical manufacturer.

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