Biocon shares are likely to be in focus on April 11 after its subsidiary, Biocon Biologics, received USFDA approval for its cancer treatment drug Jobevne. The medicine is a biosimilar version of Bevacizumab, which is used in cancer therapy. This is seen as a positive step for the company’s business in the US market.
Jobevne is designed to treat several types of cancer by cutting off the blood supply to tumours. It works by targeting and blocking VEGF, a protein that helps in forming new blood vessels. This slows down or stops the growth of cancer cells.
With this approval, Biocon Biologics has strengthened its cancer medicine portfolio in the United States. It already sells other biosimilars like OGIVRI (Trastuzumab) and FULPHILA (Pegfilgrastim). Outside the US, Biocon also sells Bevacizumab under the name ABEVMY in Europe and Canada.
Besides the approval of the drug, the board of the company has also given the approval to raise up to Rs 600 crore from issuing commercial papers.
Most recently, Biocon Pharma, its other subsidiary company, received USFDA approval for its Norepinephrine Bitartrate injection drug. The drug increases blood pressure in adults experiencing sudden drops in blood pressure.
The share has hit its 52-week high price on January 21, 2025, at Rs 404.60 and its 52-week price low on April 19, 2024, at Rs 260.00. It is currently trading 24.57% lower than its annual high and 17.38% above its annual low price value. The market price value of Biocon is Rs 36,642.31 crore.
Even with these advances, the company’s share price has dropped more than 11% in the last five trading sessions and could reverse this in the near future based on investor response to this newest USFDA approval.
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Source: Moneycontrol.
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