Lupin's share hits a 52-week high a day after receiving FDA approval for Pithampur Unit-2 facility

Lupin share price hits a 52-week high: Global pharma major Lupin Limited's share price hit a 52-week high on Wednesday, a day after it received the Establishment Inspection Report (EIR) from the United States Food and Drug Administration (U.S. FDA) for its Pithampur Unit-2 facility.

The share price hit a 52-week high of Rs 943.10 on the BSE, slighly over an hour before the close of market. At the close of market on Wednesday, the share traded at Rs 940.00, a 2.97 per cent jump from Tuesday's closing price of Rs 914.20.

The share price of the pharma company on July 12, 2023, was Rs 633.15.  

Lupin announced on Tuesday that it had received the EIR from the US FDA for its Pithampur Unit-2 facility, where oral solids and ophthalmic dosage forms are manufactured.

The company said in its BSE filing that the EIR was issued after the last inspection of the facility, conducted from March 21 to March 29, 2023. 

Lupin informed that the U.S. FDA had determined that the inspection classification of the facility was Voluntary Action Indicated (VAI).

"We are pleased to have received the EIR from the US FDA with a satisfactory VAI status for our Pithampur Unit-2 facility. This is a significant milestone as we build back our reputation of being best in-class in Quality and Compliance. We look forward to new products approvals and launches, especially ophthalmic products from this facility now," said Nilesh Gupta, Managing Director, Lupin. 

Lupin, which is the world’s 10th largest generic pharma company, manufactures a wide range of products in both branded and generic formulations, biotech products, Active Pharmaceutical Ingredients (API) and speciality drugs to address evolving patient needs.

The company claims to have 15 state-of-the-art manufacturing facilities in countries like India, the US, Mexico, and Brazil.

The company says its global facilities are benchmarked to international standards, and play a critical role in helping us deliver affordable and quality healthcare.