Biocon hits new high on DGCI nod to market Itolizumab for Covid treatment

Itolizumab will be manufactured and formulated as an intravenous injection at Biocon's bio-manufacturing facility at Biocon Park, Bengaluru

Shares of Biocon surged 10 per cent to Rs 455, also its new high, on the BSE on Monday after the company said it has received the approval of Drugs Controller General of India (DCGI) to market its novel biologic drug Itolizumab for treatment of patients with moderate to severe Covid-19 complications.

The stock opened 10 per cent higher on the BSE and 8 per cent higher at Rs 447 on the National Stock Exchange (NSE).

“Itolizumab is the first novel biologic therapy to be approved anywhere in the world for treating patients with moderate to severe Covid-19