Biocon share price gained 2.5 percent intraday Thursday after the biopharmaceuticals firm has launched KRABEVA, a biosimilar Bevacizumab, in India.
The drug is used for the treatment of patients with metastatic colorectal cancer and other types of lung, kidney, cervical, ovarian and brain cancers, in India.
“We believe KRABEVA will be an important addition to oncology portfolio of novel biologics as well as biosimilars, which are making a significant impact in the realm of cancer care in India,” Arun Chandavarkar, CEO and joint MD, Biocon said.
KRABEVA is the second key oncologic biosimilar product from Biocon’s global biosimilars portfolio to be launched in India, in order to address the unmet patient need for affordable biological therapies.
The product is being offered to patients at an MRP of Rs 24,000 for 100 mg / 4 ml vials and Rs 39,990 for 400 mg / 16 ml vials.
KRABEVA is being launched post successful completion of phase III clinical trials and approval of company’s marketing authorisation application by the Drug Controller General of India.
At 11:02 hours IST, the stock price was quoting at Rs 418.50, up Rs 9.90, or 2.42 percent on the BSE.
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.
Chinese Internet giant Tencent Holdings Ltd on Wednesday posted a 69 percent jump in quarterly net profit, beating expectations, on strong smartphone games revenue.
Net profit for the three months ended September rose to CNY 18 billion ($2.72 billion), China’s largest social media and gaming company said in a filing to the Hong Kong Stock Exchange.
This was above an average estimate of CNY 15.18 billion from six analysts polled by Thomson Reuters.
Revenue rose 61 percent to 65 billion yuan, against an estimate of CNY 60.78 billion.
Monthly active users of the social media mobile app WeChat hit 980 million, up from 963 million three months ago.
Revenue from smartphone games, helped by its popular title Honour of Kings, grew by 84 percent to CNY 18.2 billion in the quarter, Tencent said in the filing.