Biocon climbs 2.65% on launch of cancer medicine

Shares of Biocon jumped as much as 2.65 per cent in Tuesday as the company has launched its cancer biosimilar drug KRABEVA in India.

Following a positive open at Rs 410 against the previous close of Rs 408.60, the scrip touched an intraday high of Rs 419.75 and a low of Rs 405.80. In terms of equity volume, 10.29 lakh shares traded on the BSE.

The stock ended the session up by 1.09 per cent at Rs 413.05.

According to a BSE filing, the biosimilar product will be used for the treatment of patients with metastatic colorectal cancer and other types of lung, kidney, cervical, ovarian and brain cancers in India.

Biocon CEO and Joint MD Arun Chandavarkar said: “With KRABEVA, we intend to provide a high quality, world-class biosimilar Bevacizumab as an affordable therapy option for patients of various types of cancer.”

The company believes that the product will be an important addition to its oncology portfolio of novel biologics as well as biosimilars, which are making a significant impact in the realm of cancer care in India, he added.

Source:-thehindubusinessline