Biocon shares hit 52-week high, here is why

Biocon shares surged after global pharma major Mylan Inc, and the Indian pharma company confirmed the efficacy and safety of MYL-1401O, a proposed biosimilar trastuzumab co-developed by the firms, in comparison to Roche’s branded Herceptin used for treatment of cancer.

biocon shares
The company had posted a net profit of Rs 46.6 crore for the corresponding period of the previous fiscal, Syngene International said in a filing to BSE. (Reuters)

Biocon shares jumped over 4 per cent and touched its new 52-week high of Rs 736 on Monday after global pharma major Mylan Inc, and the Indian pharma company confirmed the efficacy and safety of MYL-1401O, a proposed biosimilar trastuzumab co-developed by the firms, in comparison to Roche’s branded Herceptin used for treatment of cancer.

At 12.30 pm, shares of the company were trading 3.70 per cent up at Rs 729.05. The scrip opened at Rs 705.50 and has touched a high and low of Rs 734.70 and Rs 705.50, respectively, in trade so far. The scrip ended ended 3.29 per cent up at Rs 726.20.

The companies will present data from a clinical study during the American Society of Clinical Oncology (ASCO) Annual Meeting being held in Chicago from June 3-7, Biocon said in a statement.

“As one of the first companies in the industry to successfully complete a confirmatory efficacy and safety study comparing a proposed biosimilar to a branded cancer drug, this is a significant milestone for Mylan’s biosimilar program,” Mylan President Rajiv Malik said.

Trastuzumab is indicated for treatment of a type of breast cancer, Biocon said.

“The positive outcomes of the global Phase III clinical study with our proposed biosimilar trastuzumab for HER2-positive breast cancer patients are a significant milestone in our joint biosimilars development program with Mylan,” Biocon Chairperson and MD Kiran Mazumdar Shaw said.

The proposed biosimilar trastuzumab is one of the six biologic products co-developed by Mylan and Biocon for the global marketplace, the company said.

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