Markets reward Biocon after new drug launch in US

#dailynews60 : Shares of Biocon Ltd gained nearly 5 pc in early trade after the company along with its partner Mylan announced the launch of biosimilar Ogivri in the US market.

The stock was trading 1.28 per cent up at Rs 289.60 on the BSE. During early market hours, the stock went up by 4.80 per cent to Rs 299.70.

On the NSE, the scrip was up by 1.56 per cent to Rs 290.25. It gained as much as 4.61 per cent to touch a high of Rs 299 in early trade.

Biotechnology major Biocon and drug firm Mylan NV on Monday announced the launch of biosimilar Ogivri, used for treatment of certain breast and gastric cancers, in the US market.

“The US launch of Ogivri, the biosimilar trastuzumab co-developed by Biocon Biologics and Mylan, marks a significant milestone in our biosimilars journey,” Biocon Biologics CEO Christiane Hamacher said.