Biocon rises after joint product gets approval in EU

Biocon rose 0.94% to Rs 628.10 at 9:21 IST on BSE after Pegfilgrastim co-developed by Biocon and Mylan received approval in European Union.

The announcement was made after market hours on Friday, 30 November 2018.

Meanwhile, the S&P BSE Sensex was up 192.57 points, or 0.53% to 36,386.87.

On the BSE, 18,000 shares were traded in the counter so far compared with average daily volumes of 1.18 shares in the past two weeks. The stock had hit a high of Rs 634 and a low of Rs 626.30 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 437.80 on 1 December 2017.

Fulphila, a biosimilar Pegfilgrastim jointly developed by Biocon and Mylan, has been approved in EU. The European Commission has granted marketing authorization for Fulphila to Biocon's partner Mylan. The European Medicines Agency's Committee for Medicinal Products for Human Use (CHMP) had issued a positive opinion recommending approval of Fulphila as a biosimilar to Amgen's Neulasta, which is indicated for the reduction in the duration of neutropenia and the incidence of febrile neutropenia in adult patients treated with cytotoxic chemotherapy for malignancy, in September 2018. Biosimilar Pegfilgrastim treatment can be used to stimulate bone marrow to produce more neutrophils to fight infection in patients undergoing chemotherapy.

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 1321.00 crore in Q2 September 2018 over Q2 September 2017.

Biocon is Asia's premier biopharmaceutical company.

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