Biocon surged 8% to Rs 396 at 11:47 IST on BSE after the company said that the US drug regulatory committee recommended approval of Mylan N.V. and Biocon's proposed biosimilar trastuzumab.
The announcement was made before market hours today, 14 July 2017.Meanwhile, the S&P BSE Sensex was down 66.49 points or 0.21% at 31,970.89.
On the BSE, 14.14 lakh shares were traded on the counter so far as against the average daily volumes of 2.28 lakh shares in the past one quarter. The stock had hit a high of Rs 404 so far during the day, which is a record high. The stock hit a low of Rs 385 so far during the day. The stock had hit a 52-week low of Rs 229.66 on 17 July 2016.
The stock had outperformed the market over the past one month till 13 July 2017, advancing 7.61% compared with the Sensex's 3% rise. The stock had, however, underperformed the market over the past one quarter, gaining 0.22% as against the Sensex's 8.74% rise. The scrip had outperformed the market over the past one year, surging 51.76% as against the Sensex's 15.18% rise.
The large-cap company has equity capital of Rs 300 crore. Face value per share is Rs 5.
Mylan N.V. and Biocon announced that the US Food and Drug Administration (FDA) Oncologic Drugs Advisory Committee (ODAC) recommended approval of the companies' proposed biosimilar trastuzumab. 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.
Mylan and Biocon's proposed biosimilar trastuzumab also is under review by regulatory authorities in Australia, Canada, Europe and several emerging markets.
On consolidated basis, net profit of Biocon declined 61.7% to Rs 127.50 crore on 1.5% decline in net sales to Rs 919.20 crore in Q4 March 2017 over Q4 March 2016.
Biocon is India's largest and fully-integrated, innovation-led biopharmaceutical company.
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