Biocon gained 4.63% to Rs 905.70 at 10:30 IST on BSE after European Medicines Agency accepted for review Biocon's partner, Mylan's marketing authorization application for a proposed biosimilar Trastuzumab.
The announcement was made after market hours yesterday, 25 August 2016.Meanwhile, the S&P BSE Sensex was up 14.70 points or 0.05% at 27,850.61.
More than normal volume was witnessed on the counter. On BSE, so far 2.4 lakh shares were traded in the counter as against average daily volume of 1.49 lakh shares in the past one quarter. The stock hit a high of Rs 909.90, so far during the day, which is a record high for the stock. The stock hit a low of Rs 883.80 so far during the day. The stock had hit a 52-week low of Rs 419 on 26 August 2015. The stock had outperformed the market over the past one month till 25 August 2016, rising 7.02% compared with 0.92% decline in the Sensex. The scrip had also outperformed the market in past one quarter, rising 33.31% as against Sensex's 7.55% rise.
The large-cap company has equity capital of Rs 100 crore. Face value per share is Rs 5.
Mylan N.V., a global pharmaceutical company and Biocon announced that the European Medicines Agency (EMA) has accepted for review Mylan's marketing authorization application (MAA) for a proposed biosimilar Trastuzumab, which is used to treat certain HER2-positive breast and gastric cancers. Mylan and Biocon, which have co-developed this proposed biosimilar, anticipate that this may be the first MAA for a Trastuzumab biosimilar accepted by the EMA for review. This filing includes analytical, functional and pre-clinical data, as well as results from the pharmacokinetics (PK) and confirmatory efficacy/safety global clinical trials for Trastuzumab.
This is the second biosimilar submission developed by the partnership that has been accepted for review in Europe. Last month, Mylan's MAA for the proposed biosimilar Pegfilgrastim was accepted for review by EMA.
Biocon and Mylan are exclusive partners on a broad portfolio of biosimilars and insulin analogs. The proposed biosimilar Trastuzumab is one of the six biologic products co-developed by Mylan and Biocon for the global marketplace. Mylan has exclusive commercialization rights for the proposed biosimilar Trastuzumab in the US, Canada, Japan, Australia, New Zealand, the European Union and European Free Trade Association countries. Biocon has co-exclusive commercialization rights with Mylan for the product in the rest of the world.
Biocon's consolidated net profit rose 34.5% to Rs 166.60 crore on 28.2% rise in net sales to Rs 972crore in Q1 June 2016 over Q1 June 2015.
Biocon is India's largest and fully-integrated, innovation-led biopharmaceutical company.
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