Biocon hits a new 52-week high

Biocon hit a new 52-week high today at Rs.512 and the stock is up over 5.5% up. Volumes have jumped up to almost 2.5 lakh shares compared to two-week average of 41,000 shares.

The company announced that it has introduced an advanced novel therapy CIMIVIR-L for the treatment of Hepatitis C in India.

Explaining this, the company has said that CIMIVIR-L is a fixed dose combination of Ledipasvir 90 mg and Sofosbuvir 400 mg, which is an equivalent of the innovator product commercialized by Gilead Sciences in the US.

The Drugs Controller General of India (DCGI) recently approved the sale of Sofosbuvir-Ledipasvir combination, which is being manufactured in India under a license from Gilead.

The company said that CIMIVIR-L will be made available to patients in India at a fraction of the global cost of the innovator brand. The cost of a 12-week course of this combination therapy in the US is $94,500 (Rs 63 lakh).

To make it affordable, Biocon entered into a licensing agreement last year with US-based Gilead to manufacture and commercialize its chronic Hepatitis-C blockbuster product range, Sofosbuvir and Sofosbuvir-Ledipasvir combination in India and in select emerging markets.