Investors cheer Biocon progress; stock gains 230% in past two years

The biosimilars torchbearer added Rs 21,000 crore to its m-cap over the past two years

The Biocon stock has jumped 230 per cent in the past two years, taking its market capitalisation to Rs 30,756 crore, a gain of Rs 21,000 crore. The stock on Monday gained 15 per cent to close at Rs 512, after the company on Saturday got the US Food and Drug Administration (FDA) approval for cancer biosimilar Trastuzumab.
 
This is in contrast with an over 22 per cent drop in the Nifty Pharma index in the past two years. As the US government took steps to bring down drug prices, stocks of Indian pharmaceutical suppliers dropped. For instance, Sun