Lupin shares gain on Dalal Street—here's why

Lupin share price: Lupin shares advanced on Monday, June 24, after the Mumbai-headquartered pharmaceutical company announced that it had received the Establishment Inspection Report (EIR) from the United States Food and Drug Administration (U.S. FDA) for the firm's manufacturing facility in Somerset, New Jersey, with a Voluntary Action Indicated (VAI) status  

Lupin shares gained nearly two per cent to the day's high of Rs 1,590 on NSE in morning deals, halting the nine-day declining trend. Lupin shares closed at Rs 1,567.9, up 0.44 per cent on NSE.

The facility was inspected from May 7 to May 17, 2024.

“We are very pleased to have received the EIR with a satisfactory VAI status for our Somerset facility. This is a significant milestone in building our reputation of being best-in-class in Quality and Compliance,” said Nilesh Gupta, Managing Director, Lupin in a regulatory filing dated June 22. 

In addition, drugmaker Lupin and a unit of Aurobindo Pharma are recalling products from the American market due to manufacturing issues, according to the US health regulator.

As per the latest Enforcement Report issued by the US Food and Drug Administration (USFDA), a US-based unit of Lupin is recalling a medication used to treat bacterial infections. Read more 

What does Lupin do?

Lupin is a pharmaceutical company headquartered in Mumbai, India. The company develops and commercializes a wide range of branded and generic formulations, biotechnology products, and APIs in over 100 markets in the U.S., India, South Africa, and across the Asia Pacific (APAC), Latin America (LATAM), Europe, and the Middle East regions.

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