Biocon gains 3%, at 6-month high in a weak market; stock up 18% in 3 weeks

Biocon said its subsidiary Biocon Pharma has received approval of its ANDA for Posaconazole Delayed-Release tablets from the US FDA.

Shares of Biocon hit an over six-month high of Rs 410.50, up 3 per cent on the BSE in Tuesday’s intra-day trade after its subsidiary Biocon Pharma received approval of its ANDA for Posaconazole Delayed-Release tablets from the US Food & Drug Administration (USFDA).

Biocon in an exchange filing said, this product is indicated for use in the prevention of certain fungal infections in patients with severely weakened immune systems and is available in 100mg strength. This approval further adds to Biocon’s portfolio of vertically integrated complex drug product, the company said.

The stock of biotechnology company traded