Biocon gains after joint product gets approval in EU

Biocon rose 0.42% to Rs 643.35 at 9:20 IST on BSE after biosimilar Trastuzumab co-developed by Biocon and Mylan received approval in the European Union (EU).

The announcement was made before market hours today, 19 December 2018.

Meanwhile, the S&P BSE Sensex was up 129.27 points, or 0.36% to 36,476.35.

On the BSE, 9223 shares were traded in the counter so far compared with average daily volumes of 1.15 lakh shares in the past two weeks. The stock had hit a high of Rs 646.60 and a low of Rs 640.05 so far during the day. The stock hit a 52-week high of Rs 718.35 on 26 September 2018. The stock hit a 52-week low of Rs 516 on 19 December 2017.

Ogivri, a biosimilar Trastuzumab jointly developed by Biocon and Mylan, has been approved in the European Union (EU). The European Commission has granted Marketing Authorization for Ogivri to Mylan.

The European Medicines Agency's Committee for Medicinal Products for Human Use (CHMP) previously issued a positive opinion recommending approval of Ogivri as a biosimilar to Roche's Herceptin (Trastuzumab) on 18 October 2018. Ogivri is indicated for the treatment of patients with HER2 positive early breast cancer (EBC), metastatic breast cancer (MBC) and metastatic gastric cancer (MGC). Under supervision of the relevant healthcare professional it can be prescribed as either monotherapy or in combination with other medicines dependent on the relevant diagnosis.

On a consolidated basis, net profit of Biocon rose 415.55% to Rs 354.70 crore on 36.38% rise in net sales to Rs 1321 crore in Q2 September 2018 over Q2 September 2017.

Biocon is Asia's premier biopharmaceutical company.

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