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Biocon sizzles after USFDA approval

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Shares of Biocon are trading higher after the USFDA approved the company's supplemental biologics license application for Pegfilgrastim new manufacturing facility.

The scrip surged 4.09% to Rs 274.25. It traded in the range of Rs 268.85 and Rs 276.40 so far during the day. Nearly 70,000 shares of the company were traded in the counter as compared to the two-week average daily trading volume of 1.60 lakh shares.

Biocon announced that the company and Mylan's supplemental biologics license application (sBLA) for Pegfilgrastim drug substance to be manufactured at Biocon's new manufacturing facility has been approved by the US Food and Drug Administration (FDA). The announcement was made before market hours today, 27 November 2019.

This additional approval of its new manufacturing facility for Pegfilgrastim in Bengaluru will enable Biocon Biologics, a subsidiary of Biocon, and Mylan to scale up capacity multi-fold and address the growing market opportunities in the U.S. and other global markets. The U.S. FDA had conducted a Pre-Approval Inspection of this new Drug Substance manufacturing facility from 10 to 19 September 2019. Biocon Biologics is a global biopharmaceuticals company.

Biocon is an innovation-led global biopharmaceuticals company committed to enhance affordable access to complex therapies for chronic conditions like diabetes, cancer and autoimmune. It is a leading global player for high quality biosimilars, APIs including statins, immunosuppressants and specialty molecules.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, November 27 2019. 09:23 IST