Biocon hits new high after USFDA accepts cancer drug biosimilar application

The stock rallied nearly 5% to Rs 1,050 also its fresh record high on the BSE

Biocon rallied around 5% to Rs 1,050, also its fresh record high on BSE in early morning trade, after the company said that the US Food and Drug Administration (USFDA) has accepted Mylan’s biologics licence application for its biosimilar drug to treat breast cancers.

The drug, a proposed biosimilar to branded trastuzumab, will be used to treat breast cancer. The companies expect a decision from FDA by September 3.

Biocon in partnership with Mylan NV, is developing four biosimilars—pegfilgrastim, trastuzumab, adalimumab and insulin glargine—for regulated markets such as Europe and US.

"This is Mylan and Biocon's first