Stocks

Biocon extends gains on cancer drug launch

BL Internet Desk Chennai | Updated on January 09, 2018 Published on November 24, 2017

Shares of Biocon gained as much as 1.5 per cent on Friday as the company has launched KRABEVA, a biosimilar product, which can be used to treat certain types of cancer.

This biosimilar can be used to treat patients with metastatic colorectal cancer and other types of lung, kidney, cervical, ovarian and brain cancers in India, according to a company statement.

After opening strong at Rs 416 against the previous close of Rs 413.05, the scrip touched an intraday high of Rs 419.35 and a low of Rs 412.30 on the BSE. In terms of equity volume, 1.56 lakh shares were traded.

Biocon shares ended up by 0.33 per cent at Rs 414.40.

Earlier this week, the company had received the Establishment Inspection Report with ’voluntary action indicated’ status from the USFDA on closure of inspection of its aseptic drug product facility.

“The US Food and Drug Administration (USFDA) has issued an Establishment Inspection Report in relation to the cGMP (current good manufacturing practice) inspection of its aseptic drug product facility that was audited between May 25 -June 3, 2017,” Biocon had said in a BSE filing.

Published on November 24, 2017

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