Biocon hits a new life time high

Biocon hit a record high today at Rs.909.90, with some 2.5 times rise in volumes.

The company announced yesterday after closing bell that Maylan’s application to market the biosimilar for treating certain breast and gastric cancers, Tarstuzumab has been accepted by the European Medicines Agency (EMA) for review.

The company has stated that Mylan and Biocon, which have co-developed this popular biosimilar, anticipate that this may be the first Marketing Authorization Application (MAA) for a biosimilar Trastuzumab accepted by the EMA for review. This is the second biosimilar submission developed by the partnership that has been accepted for review in Europe.

The filing includes analytical, functional and pre-clinical data and results from the pharmacokinetics and confirmatory safety global clinical trials for Trastuzumab.