Biocon hits new lifetime high

Since April 26, post March quarter results, the stock rallied 30% as compared to 3% rise in the S&P BSE Sensex

Biocon has touched its new lifetime high of Rs 735 on the BSE after the company and global pharma major Mylan Inc have confirmed the efficacy and safety of MYL-1401O, a proposed biosimilar trastuzumab co-developed by the firms, in comparison to a branded cancer drug.

The companies will present data from a clinical study during the American Society of Clinical Oncology (ASCO) Annual Meeting being held in Chicago from June 3-7, Biocon said.

“As one of the first companies in the industry to successfully complete a confirmatory efficacy and safety study comparing a proposed biosimilar to a branded cancer drug, this is a significant milestone for Mylan’s biosimilar programme,” Mylan president Rajiv Malik said.

Trastuzumab is indicated for treatment of a type of breast cancer, Biocon said.

Since April 26, post March quarter results, the stock of Biocon outperformed the market by surging 30% from Rs 564 as compared to 3% rise in the S&P BSE Sensex.

While announcing the results, the firm said during the quarter, Biocon's biosimilar insulin Glargine got approval in Japan and also got approval in the European Union for Biocon's generic Rosuvastatin Calcium tablets, its first generic formulation in the developed markets. It expects filings in FY17 after the global Phase III clinical trials for biosimilar Insulin Glargine, Trastuzumab, Pegfilgrastim and Adalimumab.

At 10:38 AM, the stock was up 3.5% at Rs 728 on the BSE as compared to 0.07% rise in the S&P BSE Sensex. A combined 1.33 million shares changed hands on the counter on the BSE and NSE.