On 10^th Jan, Biocon had hit a lifetime high at Rs.1026 and today, once again it is another new high at Rs.1052.05, with volumes jumping up almost two times.

The reason for this euphoria is on account of the news that US FDA has accepted Mylan’s biologics licence application for its biosimilar drug, which is used for treating breast cancer.

The drug is to be sold under the brand name of “Trastuzumab” and the company is hoping to get in the approvals by September, after which it will be able to sell in the US markets but the process of actually selling there could take around 18 months. The market is happy that the process has begun well and it could become the biosimilar to be sold in USA.