Piramal Pharma witnessed a positive surge of more than 5% in its shares on Thursday following the receipt of an ‘Establishment Inspection Report’ (EIR) from the United States Food and Drug Administration (USFDA) inspection at one of its manufacturing units in Pennsylvania, signalling the successful conclusion of the inspection.

Piramal Pharma had previously informed about the Good Manufacturing Practices (GMP) inspection conducted by the USFDA at its Bethlehem facility from September 18 to September 27, 2023. 

The inspection resulted in the issuance of a Form 483, highlighting two observations related to system improvement. Importantly, none of the observations pertained to data integrity.

The FDA’s issuance of the EIR for the mentioned manufacturing facility reflects a favourable outcome, indicating compliance with the regulatory standards set by the food regulator. 

Piramal Pharma emphasised its commitment to upholding the highest standards of compliance and expressed readiness to collaborate closely with the regulatory agency to comprehensively address and resolve the observations.

Piramal Pharma shares surged to an intraday high of Rs 120.45, up 5.55% from the previous closing price on the National Stock Exchange (NSE). The stock closed at 3.11% higher at Rs 117.65.