Biocon rises 5% after launch of Ogivri in US market

Shares of Biocon on Tuesday gained nearly 5 per cent in early trade after the company along with its partner Mylan announced the launch of biosimilar Ogivri in the US market.

Biotechnology major Biocon and drug firm Mylan NV on Monday announced the launch of biosimilar Ogivri, used for treatment of certain breast and gastric cancers, in the US market.

"The US launch of Ogivri, the biosimilar trastuzumab co-developed by Biocon Biologics and Mylan, marks a significant milestone in our biosimilars journey," Biocon Biologics CEO Christiane Hamacher said.


Morgan stanley on Biocon

• Maintains Overweight, Target at Rs 350/share
• Firm launched its second Biosim in the US i.e trastuzumab
• The company has sufficient capacity to address demand in US
• Biocon/Mylan can generate $180-220 million sales at igh margins in 1-2 years

The shares of the company pared all gains and closed 1.01 per cent lower at Rs 283.05 on BSE.