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Shares of Biocon Ltd jumped as much as 6.4 per cent to a record high of Rs 696.60 as the company's partner Mylan N.V. has received approval for its first biosimilar of cancer medicine pegfilgrastim from the US drug regulator for selling in the American market.
Mylan NV on Monday beat a clutch of drugmakers racing to get a biosimilar to Amgen Inc's blockbuster drug, Neulasta, to market, with US health regulators approving its version of the infection-fighting treatment.
Mylan's shares rose 5.2 per cent to $40.50 after the bell, while Amgen fell 1.7 per cent to $182.30.
According to a USFDA statement, the drug, which will be sold under the brand name Fulphila, is expected to be the first biosimilar of pegfilgrastim available in the US market to help patients with non-myeloid cancer reduce the risk of infection following myelo-suppressive chemotherapy.
Pegfilgrastim is sold under the brand name Neulasta in the US. Mylan and Biocon said they expect to launch the infection-fighting drug, Fulphila, in the coming weeks.
More than 2.3 million shares of Biocon changed hands as of 0400 GMT, compared with the 30-day moving average of 2 million. As of Monday's close, Biocon stock had nearly doubled in value in the past 12 months. Mylan shares rose 5.2 per cent to $40.50 after market on Monday.
(With inputs from Reuters)
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