Biocon shares surge over 3% as EMA accepts review of biosimilar Trastuzumab

NEW DELHI: Shares of Biocon surged as much as 3.62 per cent in morning trade on Friday, a day after the European Medicines Agency ( EMA) accepted for review Biocon and Mylan's Marketing Authorization Application ( MAA) for a proposed biosimilar Trastuzumab.

Trastuzumab is used to treat certain breast and gastric cancers. The companies--co-developors of this proposed biosimilar--anticipate that this may be the first MAA for a Trastuzumab biosimilar accepted by EMA for review.

The stock hit an intraday high of 909.90 and low of 883.30 at the time of filing this report. At 11:05 am, shares of the company were trading at Rs 894 apiece, up 3.28 per cent from its previous close on Bombay Stock Exchange ( BSE).