Biocon hits record high after US FDA approves new breast cancer drug

The stock surged 10% to Rs 404 on BSE in early morning trade on back of heavy volumes.

Biocon surged 10% to Rs 404, also its record high on BSE in early morning trade, after the company announced that the Oncologic Drugs Advisory Committee (ODAC) of the US Food and Drug Administration (FDA) has recommended the approval of Biocon's biosimilar trastuzumab - a drug used to treat breast cancer.

“The committee voted 16-0 in support of eligible indications of the reference product, Herceptin®, which include HER2-positive breast cancer in the metastatic and adjuvant settings,” Biocon said in press release.

Biocon CEO and Joint Managing Director Dr. Arun Chandavarkar said, “We welcome ODAC’s endorsement of our biosimilar