Biocon shares up 1% on cancer drug launch

Shares of biotechnology major Biocon today rose by 1 per cent after the company said it has launched its cancer biosimilar drug KRABEVA in India.
The stock gained 1.09 per cent to settle at Rs 413.05 on BSE. During the day, it went up 2.72 per cent to Rs 419.75.
At NSE, shares of the company rose by 0.74 per cent to end at Rs 411.75.
In terms of equity volume, 10.29 lakh shares of the company were traded on BSE and over 30 lakh shares changed hands at NSE during the day.
The biosimilar product will be used for the treatment of patients with metastatic colorectal cancer and other types of lung, kidney, cervical, ovarian and brain cancers in India, Biocon said in a filing to BSE today.

KRABEVA is the second key oncologic biosimilar product from Biocon's global biosimilar portfolio to be launched in India to address the unmet patient need for affordable, biological therapies, the company said.