Biocon surges 14% on USFDA approval for biosimilar of cancer drug Herceptin

The stock surged 14% to Rs 510, also its all-time high on the BSE in early morning trade on back of heavy volumes.

Biocon surged 14% to Rs 510, also its all-time high on the BSE in early morning trade, after the company said it has secured a regulatory approval to market a biosimilar for anti-cancer drug Herceptin in the US.

Mylan and Biocon announced that US Food and Drug Administration (FDA) have approved Mylan’s Ogivri, a biosimilar to Herceptin, co-developed with Biocon.

“Ogivri has been approved for all indications of the reference product, Herceptin, including for the treatment of HER2-overexpressing breast cancer and metastatic stomach cancer. Ogivri is the first FDA-approved biosimilar to Herceptin and the first biosimilar from Mylan