Biocon share price declined 2 percent in the early trade on February 27 after the pharma company received observations for its Bengaluru facility from the US drug regulator.

The United States Food & Drug Administration (USFDA) issued Form 483 with two observations, which were procedural in nature, as per a company press release.

The USFDA conducted a post-approval and GMP inspection of the company's small molecules API manufacturing facility at the Biocon Campus, in Bengaluru between February 20 and 26, 2020.

"We are confident of addressing these observations expeditiously and will respond to the FDA with a correction and preventive action plan in a timely manner," it added.

At 0923 hours, Biocon was quoting at Rs 292.90, down Rs 5.80, or 1.94 percent, on the BSE.

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