Biocon surges 14% on USFDA approval to biosimilar drug

NEW DELHI: Shares of Biocon shot up over 14 per cent in Monday's trade after the USFDA granted marketing approval to its biosimilar drug Trastuzumab. This ends the speculation over the drug’s launch.

The scrip was trading 14.20 per cent higher at Rs 510 on BSE.

Trastuzumab branded as Ogivri is a version of Swiss drug maker Roche’s blockbuster breast cancer medicine that has become a standard therapy for treating the cancer causing HER 2 proteins, ET reported.

With annual sales of $3.16 billion globally, Trastuzumab is expected to touch nearly $10 billion by 2020.

Though the approval boosts Mylan’s numbers as the company has exclusive rights of selling these drugs in the US, for Biocon this comes as a sign of validation of its long-chased dream of gaining feet in this highly complex science, analysts say.