Shares of Lupin Ltd soared 4% on 9 October after the company announced its plans to develop a new production plant in Coral Springs, Florida.

The new site, with a projected cumulative investment of USD 250 million over five years, will be able to produce more than 25 critical respiratory medicines, including lifesaving albuterol inhalers for children with asthma and service members at home and abroad.

“The expansion of Lupin’s footprint in Coral Springs is a core part of our growth strategy. This new state-of-the-art facility will build on our existing presence in Florida, which is home to Lupin’s headquarters and our Advanced Inhalation Research Center,” said Christoph Funke, Chief Technical Operations Officer, Lupin.

Christoph Funke, Chief Technical Operations Officer, Lupin, said, “This investment demonstrates Lupin’s commitment to innovation, quality and supply chain reliability — and our ability to partner with Florida’s leaders to strengthen America’s medicine security by growing our capacity to produce affordable treatments for patients. We are grateful to Florida’s leadership for their partnership in making this possible.”

To begin its 70,000-square-foot development, the business purchased more than 5 acres of land.

Earlier this month, the USFDA issued four observations to the company’s Pithampur facility, and it also introduced Liraglutide Injection, 18 mg/3 mL (6 mg/mL) single-patient-use prefilled pen and Rivaroxaban for Oral Suspension, 1 mg/mL, in the US.

At 11:52 am, the shares of Lupin were trading 3.45% higher at Rs 1,971.30 on NSE.

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