Shares of Biocon today surged nearly 9 per cent after the US health regulator’s Oncologic Drugs Advisory Committee (ODAC) recommended approval for the company’s proposed biosimilar trastuzumab, indicated for breast cancer treatment. The stock soared 8.88 per cent to settle at Rs 399.20 on BSE. During the day, it jumped 10.18 per cent to Rs 404.
On NSE, it zoomed 8.87 per cent to end at Rs 400.35. On the volume front, 21.50 lakh shares of the company were traded on BSE and over one crore shares changed hands at NSE during the day. Drug majors Mylan and Biocon today said the US health regulator’s Oncologic Drugs Advisory Committee (ODAC) has recommended approval for their proposed biosimilar trastuzumab, indicated for breast cancer treatment.
In a regulatory filing, Biocon said the committee voted 16-0 in support of eligible indications of the reference product. “This vote marks first proposed biosimilar Trastuzumab to be recommended by the committee,” it added. Both the companies, in a joint statement, said the US Food and Drug Administration (USFDA) uses advisory committees and panels to obtain independent expert advice on a variety of matters, including product approvals.