Biocon shares hit record high as cancer drug Pegfilgrastim gets USFDA nod

The stock hit a record high of Rs 695, up 6% on the BSE in opening deal in otherwise weak market.

Shares of Biocon hit a record high of Rs 695 per share, up 6% on the BSE in opening deal in otherwise weak market, after the company and its partner Mylan have received nod for their first biosimilar of cancer medicine Pegfilgrastim from the US drug regulator for selling in the American market.

“The United States Food and Drug Administration (USFDA) has approved Mylan’s Fulphila (pegfilgrastim-jmbd), a biosimilar to Neulasta (pegfilgrastim), co-developed with Biocon,” the company said in a press release.

Fulphila has been approved to reduce the duration of febrile neutropenia (fever or other signs of infection