Biocon rose 3.47% to Rs 456.80 at 11:34 IST on BSE after the company said it will start selling a breast cancer drug, developed jointly with US-based Mylan, in the country from next month.
The announcement was made on Saturday, 18 January 2014.
Meanwhile, the BSE Sensex was up 102.31 points, or 0.49%, to 21,165.93.
On BSE, so far 1.22 lakh shares were traded in the counter, compared with an average volume of 1.26 lakh shares in the past one quarter.
The stock hit a high of Rs 458.75 and a low of Rs 445 so far during the day. The stock hit a record high of Rs 491.70 on 7 January 2014. The stock hit a 52-week low of Rs 255 on 4 March 2013.
The stock had outperformed the market over the past one month till 17 January 2014, rising 12.44% compared with the Sensex's 2.19% rise. The scrip had also outperformed the market in past one quarter, rising 34.13% as against Sensex's 3.17% rise.
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The mid-cap company has an equity capital of Rs 100 crore. Face value per share is Rs 5.
Biocon introduced 'CANMAb' (150 milligram (mg)/ 440 mg), a biosimilar trastuzumab for the treatment of HER2-positive metastatic breast cancer in India. CANMAb, developed jointly by Biocon and Mylan under a global partnership, is the world's first biosimilar version of Herceptin and is being introduced for the benefit of patients in India, Biocon said in a statement.
CANMAb is being manufactured at Biocon's biologics facility in Bangalore and will be available to patients around the first week of February 2014. CANMAb will be available at about 25% discount to the current list price of the reference product in India, which is already significantly lower than its price in developed markets. In addition, CANMAb's 150 milligram (mg) formulation, priced at Rs 19,500 per vial, will allow extra savings to patients as they can buy smaller quantities as per their requirement, the company added.
The global sales for Herceptin stood at $6.4 billion in 2012, while in India it recorded sales of $21 million.
Kiran Mazumdar-Shaw, Chairperson and Managing Director, Biocon, said, "Biocon intends to make a significant difference in the treatment paradigm for HER2-positive breast cancer in India by enhancing access to more affordable treatment with CANMAb (biosimilar trastuzumab), which offers the same level of safety and efficacy as the reference product. The launch of CANMAb in India is an important milestone for our biosimilars program and demonstrates our ability to deliver on our promise of affordable innovation with a high quality, world-class product."
Biocon's consolidated net profit rose 13.9% to Rs 102.15 crore on 23.9% growth in net sales to Rs 734.21 crore in Q2 September 2013 over Q2 September 2012.
Established in 1978, Biocon is India's largest and Asia's leading biotechnology company with a strategic focus on biopharmaceuticals and research services. It is a fully integrated, innovation-driven biopharma enterprise offering affordable solutions for chronic diseases to patients worldwide.
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