Biocon gains after launch of cancer drug KRABEVA in India

Biocon rose 1.08% to Rs 413 at 12:33 IST on BSE after the company said it launched a cancer drug in India.

The announcement was made during trading hours today, 23 November 2017.

Meanwhile, the S&P BSE Sensex was up 29.20 points, or 0.09% to 33,590.75.

On the BSE, 2.59 lakh shares were traded in the counter so far, compared with average daily volumes of 2.63 lakh shares in the past one quarter. The stock had hit a high of Rs 419.75 and a low of Rs 405.80 so far during the day. The stock hit a record high of Rs 427.95 on 21 November 2017. The stock hit a 52-week low of Rs 280.39 on 23 November 2016.

The stock had outperformed the market over the past 30 days till 22 November 2017, rising 11.72% compared with 2.93% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 20.82% as against Sensex's 6.22% rise. The scrip had also outperformed the market in past one year, rising 42.38% as against Sensex's 28.83% rise.

The large-cap company has equity capital of Rs 300 crore. Face value per share is Rs 5.

Biocon said it launched KRABEVA, a biosimilar Bevacizumab for the treatment of patients with metastatic colorectal cancer and other types of lung, kidney, cervical, ovarian and brain cancers, in India.

KRABEVA, a monoclonal antibody (mAb) developed by Biocon, will help expand access to a world class, high quality biosimilar Bevacizumab for cancer patients in India. It is the world's first and only Bevacizumab with a unique 'Qual-Check' mechanism, which will ensure that patients get a quality-ascertained product right upto infusion.

Bevacizumab is indicated as a first-line treatment of patients with metastatic colorectal cancer (mCRC), and is accepted as a standard treatment option in combination with chemotherapy for patients with non-small-cell lung cancer (NSLC), metastatic renal cell carcinoma and recurrent ovarian cancer.

KRABEVA is the second key oncologic biosimilar product from Biocon's global biosimilars portfolio to be launched in India, in order to address the unmet patient need for affordable biological therapies. It is being offered to patients at an MRP of Rs 24,000 for 100 mg / 4 ml vials and Rs 39,990 for 400 mg / 16 ml vials, making it a high quality affordable alternative to the innovator brand.

KRABEVA is being launched post successful completion of Phase lll clinical trials and approval of Biocon's marketing authorization application by the Drug Controller General of India (DCGI).

Biocon's consolidated net profit fell 53.1% to Rs 68.80 crore on 2.4% increase in net sales to Rs 968.60 crore in Q2 September 2017 over Q2 September 2016.

Biocon is India's largest and fully-integrated, innovation-led biopharmaceutical company.

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