Biocon has been consistently hitting a new high for the past couple of days. Today too, it hit a new high at Rs.734.70, up over 4.5%. Its all-time high is at Rs.739.40, hit in April 2004 and the stock was inches close to that today.

The reason for this euphoria on the counters of Biocon is the news that the company, along with its global partner for biosimialrs, Mylan, have got positive data from the phase 3 clinical trials of a proposed copy of rastuzumab, a complex injection used widely to treat a type of breast cancer. 

The company will be presenting these results this week at the American Society of Clinical Oncology. This is a very big conference in the medical world and is held once a year in USA. The presentation at this conference allows the company to get an edge when it comes to regulatory submissions for commercial launches in USA and even the European Union.

This medicine, rastsumab is currently being sold world over by the Swiss company, Roche and in 2015, it raked in global revenue upwards of $6.5 billion. In India, currently Biocon and Mylan are selling this product of Roche but caught in a long legal battle.