Biocon has been having a volatile run on the bourses today. It first hit a new high today at Rs.695 and it is now in the red, down 3% at Rs.634.

There is actually good news on the counter, which was the first reaction and it later fell on account of profit booking.

The company announced that the U.S. Food and Drug Administration (FDA) has approved Mylan’s FulphilaTM, a biosimilar to Neulasta, co-developed with Biocon.

Fulphila has been approved to reduce the duration of febrile neutropenia (fever or other signs of infection with a low count of neutrophils, a type of white blood cells) in patients treated with chemotherapy in certain types of cancer.

This is the second biosimilar from Mylan and Biocon’sjoint portfolio approved in the U.S.

Mylan anticipates launching Fulphila in the coming weeks, representing the first alternative, more affordable treatment option to Neulasta for oncology patients.