Biocon shares rose nearly 5% in early trade on Tuesday after the pharmaceutical firm said it has jointly launched cancer drug Ogivri with its partner Mylan in the United States.
Following the announcement, Biocon shares opened with a gain of 4.81%, to its intraday high of Rs 299.7 on BSE. Biocon shares have gained over 3% in the last two sessions.
The share price of Biocon is trading higher than its 5, 20, 50, 100 and 200-day moving averages
Market depth data on BSE shows 45% buying against 55% selling on the stock. Volume-wise, 3.26 lakh and 80.1 lakh shares changed hands on BSE and NSE.
A biosimilar to Herceptin (trastuzumab), Ogivri will be used to treat breast cancer and gastric cancer and is available in a 420 mg multi-dose vial and a 150mg single-dose vial.
Co-developed by Biocon Biologics and Mylan, Ogivri is an FDA-approved product. According to the filing submitted, Ogivri was the first biosimilar trastuzumab approved by the US Food and Drug Administration (FDA) and unanimously recommended by the FDA Oncologic Drugs Advisory Committee (ODAC).
Ogivri will be launched at a competitive discount for customers to help ensure increased access to treatment for thousands of HER2-positive breast and gastric cancer patients, said Biocon.
"The US launch of Ogivri, the biosimilar trastuzumab marks a significant milestone in our biosimilars journey. It is an important endorsement of our science, development and manufacturing capabilities in the area of monoclonal antibodies. The introduction of both 420mg multi-use vials and 150mg single-use vials of high-quality biosimilar trastuzumab with robust long-term efficacy and safety data will offer greater choice and value to patients, prescribers and payors in the US," Christiane Hamacher, CEO at Biocon Biologics said.