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Biocon share hits all-time high after drug Itolizumab gets DCGI nod for Covid treatment

Share price of Biocon rose 9.90% to  Rs 455 against previous close of Rs 414.30 on BSE

twitter-logoBusinessToday.In | July 13, 2020 | Updated 19:03 IST
Biocon share hits all-time high after drug Itolizumab gets DCGI nod for Covid treatment
Biocon share has gained 63% in one year and risen 41% since the beginning of this year.

Biocon share price hit all-time high today after the drug maker said it has received an emergency use authorisation (EUA) for its monoclonal antibody Itoliuzumab from the Drug Controller General of India (DCGI) to treat cytokine storms - one of the leading causes of death among patients with severe COVID-19. Share price of Biocon rose 9.90% to record high of Rs 455 against previous close of Rs 414.30 on BSE.

Erasing majority of gains, the stock closed 0.07% higher at Rs 414.60.
Total 8.20 lakh shares changed hands amounting to turnover of Rs 34.55 crore on BSE. Biocon share is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. Biocon share has gained 63% in one year and risen 41% since the beginning of this year.

The stock has gained 3.68% in last four days.

The company has received the DCGI approval to market Itolizumab injection 25mg/5mL solution for emergency use in India for the treatment of cytokine release syndrome in moderate to severe acute respiratory distress syndrome (ARDS) patients due to COVID-19, Biocon said.

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Itolizumab is the first novel biologic therapy to be approved anywhere in the world for treating patients with moderate to severe COVID-19 complications. The company, however, did not disclose the price at which it will sell the drug.

The firm has repurposed the drug, an anti-CD6 IgG1 monoclonal antibody launched in India in 2013 as Alzumab for treating chronic plaque psoriasis. The drug will be manufactured and formulated as an intravenous injection at the company''s bio-manufacturing facility at Biocon Park, Bengaluru.

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