Biocon shares rise 9% as breast cancer biosimilar gets USFDA panel nod
Biocon stock soared 8.88% to settle at Rs399.20 on BSE
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New Delhi: Shares of Biocon on Friday surged nearly 9% after the US health regulator’s Oncologic Drugs Advisory Committee (ODAC) recommended approval for the company’s proposed biosimilar trastuzumab, indicated for breast cancer treatment.
The stock soared 8.88% to settle at Rs399.20 on BSE. During the day, it jumped 10.18% to Rs404. On NSE, it zoomed 8.87% to end at Rs400.35.
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On the volume front, 21.50 lakh shares of the company were traded on BSE and over one crore shares changed hands at NSE during the day.
Drug majors Mylan and Biocon on Friday said the US health regulator’s Oncologic Drugs Advisory Committee (ODAC) has recommended approval for their proposed biosimilar trastuzumab, indicated for breast cancer treatment.
In a regulatory filing, Biocon said the committee voted 16-0 in support of eligible indications of the reference product.
“This vote marks first proposed biosimilar Trastuzumab to be recommended by the committee,” it added.
Both the companies, in a joint statement, said the US Food and Drug Administration (USFDA) uses advisory committees and panels to obtain independent expert advice on a variety of matters, including product approvals.