Biocon shares hit their new all-time high in the early trade on Friday after the company informed bourses that European Medicines Agency (EMA) has accepted for review Mylan’s application to market biosimilar Trastuzumab, co-developed with Biocon, that is used to treat certain breast and gastric cancers. At 9.34 am, shares of Biocon were trading 4.94 per cent up at Rs 908.40. The scrip opened the day at Rs 888 and has touched a high and low of Rs 909.90 and Rs 883.30, respectively, in trade so far. Later, share price of the company ended 3.10 per cent up at Rs 892.45.
This is the second biosimilar submission developed by the partnership that has been accepted for review in Europe. Last month, Mylan’s Marketing Authorization Application for the proposed biosimilar pegfilgrastim was accepted for review by EMA.
“The acceptance of our regulatory submission of our proposed biosimilar Trastuzumab in Europe is another example of the strong progress we continue to make across our broad biosimilars portfolio,” Mylan president Rajiv Malik said in a release.
For the quarter ended June 30, 2016, Biocon reported a consolidated net profit of Rs 166.60, up 34.46 per cent, against Rs 123.90 crore in the corresponding quarter a year ago. Consolidated gross sales of the company jumped by 28.25 per cent year-on-year to Rs 972 for the quarter under review. Operating profit of the company jumped by 33.22 per cent year-on-year to Rs 304 crore. On a standalone basis, Biocon reported 38.90 per cent year-on-year rise in bottomline line figures at Rs 141.40 crore.