Heard on the Street: Fund stocks up Biocon on drug launch buzz

A large fund house belonging to a business conglomerate has been accumulating biotechnology company Biocon over the past two weeks on expectations that the company will benefit significantly from new drug launches over the next few months.

According to a Mumbai-based broker, Biocon may roll out new drug compositions for the cure of rheumatoid arthritis and multiple sclerosis. Company officials could not be reached for comment.

Biocon, in the first week of January, announced positive trial results from its new anti-psoriasis drug Itolizumab. Shares of Biocon ended 0.3% higher at Rs 265.95 on the BSE.