Biocon Limited bucked the downward trend in the pharma stocks on Thusday and was trading up over 3% in early trade after the US Food and Drug Administration (USFDA) had accepted Mylan's biologics license application for MYL-1401O, a proposed biosimilar trastuzumab, the company informed the BSE in a notification.
Biocon Limited bucked the downward trend in the pharma stocks on Thusday and was trading up over 3% in early trade after the US Food and Drug Administration (USFDA) had accepted Mylan's biologics license application for MYL-1401O, a proposed biosimilar trastuzumab, the company informed the BSE in a notification.
The drug is used to treat HER2-positive breast cancers.
Commenting on the development, Biocon's CEO and Joint Managing Director, Arun Chandavarkar said, "We are delighted by the FDA's acceptance of the BLA for our proposed biosimilar trastuzumab. It is a major milestone for the Mylan and Biocon collaboration since it is the first US regulatory submission through our joint global biosimilars program. This development positions Biocon and Mylan among the first companies to be able to address the critical need of US patents for a high quality biosimilar to treat certain HER2-positive breast cancers in the near future.
Biocon's shares were trading at Rs 1,032.35, up Rs 30.50 or 3.04% from previous close. At the same time, most pharmaceutical stocks were trading in the red after US President Elect Donald Trump vowed to clamp down on drug pricing policies and bring back drug manufacturing to the US.
On the BSE, Sun Pharma was trading at Rs 635.25, down Rs 12.45 or 1.92% lower, Alembic Pharma down 0.51%, Ajanta Pharma down 1.37%, Aurobindo Pharma down 1.70%, Dr Reddy's down 2.05%, Lupin Pharma down 1.53%. An indication to repeal Obamacare also hit pharma stocks abroad and in India.
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