Lupin shares rose in early trading on March 14 after receiving a “no observation” certificate from the US Food and Drug Administration (USFDA).

At 9:16 am, Lupin was trading at Rs 663.50, up Rs 9.15, or 1.4%.

Lupin announced that the USFDA had completed an inspection of its bioresearch centre in Pune, India. In its press release, the company said the Lupin Bioresearch Centre conducts BA/BE, PK/PD, in vitro BE and biosimilar studies and closes inspections without any observations.

From March 6 to March 10, the USFDA conducted pre-approval and GMP inspections of its API manufacturing facility in Visakhapatnam and found no observations.

Shares of the pharma company hit a 52-week high of Rs 798.90 and a 52-week low of Rs 583.05 on April 5, 2022, and May 25, 2022, respectively. It is trading 16.95% below its 52-week high and 13.8% above its 52-week low. Shares were down 12% over the past three months. The Nifty Pharmaceuticals index is down 18% this year and more than 12% over the past year.