Biocon is in the limelight today. From yesterday’s close of Rs.463.10, the stock zoomed to an intra day high at Rs.473.95 and it is now at Rs.464 levels, up 4.5%.

The company announced today morning that it has got approval from the European Union (EU) for its first generic formulation. This is for making Rosuvastatin Calcium tablet and it hopes to launch this in the markets by FY17.

This drug presents a US$1.2 billion market  and is a huge plus for the company as it moves from APIs to finished drug formulations. It will be applying for ANDA approval soon for US markets. The only downside – the company will not have a six-month exclusivity as it was not the first to file for approval.