Biocon stock rallies 15% on USFDA approval for trantuzumab biosimilar

Mylan and Biocon are exclusive partners on a broad portfolio of biosimilar and insulin products.

Dec 04, 2017 04:12 IST India Infoline News Service

Biocon
Shares of Biocon rallied 15% after the drug regulator, USFDA approves Mylan and Biocon’s co-developed product, Ogivri, the first biosimilar for Trastuzumab for treatment of HER2-Positive breast and gastric cancers.

Ogivri is the first FDA approved biosimilar to Herceptin and the first biosimilar from Mylan and Biocon’s joint portfolio in the US. Mylan is a global leader in the development and manufacturing of complex products, including biosimilar medicines, with a portfolio of 16 biosimilar and insulin analog products.

Mylan and Biocon are exclusive partners on a broad portfolio of biosimilar and insulin products. Biosimilar for Herceptin is one of the six biologic products co-developed by the company.

The stock ended at Rs513.55, up by Rs67 or 15% from its previous closing of Rs446.55 on the BSE. The scrip opened at Rs491.2 and touched a high and low of Rs519.5 and Rs483 respectively.

Biocon is a fully integrated biopharma player with API manufacturing facilities, strong capabilities in biologics and branded generics business in India. Its potential segment of biologicals has contributed 12% of the turnover of FY17.

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