Lupin Surges 8% After US Regulator Clears Goa Facility

Lupin shares surged as much as 8 per cent on Monday after the Mumbai-based pharma company said that it has received the inspection closure report from the US FDA for its Goa facility. 

In a release to Bombay Stock Exchange on Saturday, Lupin said, "It has received notification that the inspection carried out by the US FDA in March 2016 at its Goa facility is now closed and the agency has issued an Establishment Inspection Report (EIR). This closes all outstanding US FDA inspections at Lupin's Goa facility." 

Goa is an important facility for Lupin as it contributed around 50 per cent to its US sales. Lupin has 30 Abbreviated New Drug Applications (ANDA) pending from this location of which 12 are relatively large drugs, say analysts. 

As of 9.41 a.m., Lupin shares traded 4.92 per cent higher at Rs 1,490.80 apiece compared to 0.7 per cent gain in the broader Sensex.