Biocon's cancer drug gets USFDA nod, but investors remain cautious

7 Feb 2024 , 11:16 AM

On February 7, early trading saw a 1% decrease in the price of Biocon’s shares. The United States Food and Drug Administration (USFDA) has tentatively approved the company’s abbreviated new drug application (ANDA) for dasatinib tablets.

Biocon was trading on the BSE at ₹295.15 at 9:29 a.m., down ₹3.60, or 1.21%.

This medication is approved for the treatment of adult patients with Philadelphia chromosome-positive chronic myeloid leukemia. Adult patients with Philadelphia chromosome-positive acute lymphoblastic leukemia who have not responded well to previous treatments can also be treated with it.

To record the unaudited standalone and consolidated financial statements for the quarter and nine months ended December 31, 2023, the company’s board will convene on February 8.

On February 6, 2024, the share reached a 52-week high of ₹307, and on March 21, 2023, it reached a 52-week low of ₹191.60. It is currently trading 54.04% above its 52-week low and 3.86% below its 52-week high.

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