Biocon began a really shinning bright star, opening the day almost 5% higher at Rs.299.70, after which it slipped to Rs.289 levels. It continues to trade in the positive.
The company, today morning, announced the launch of Ogivri, which is used for treating patients for all indications of Herceptin including for the treatment of overexpressing breast cancer and metastatic stomach cancer.
Ogivri was the first biosimilar trastuzumab approved by the U.S. Food and Drug Administration (FDA) and unanimously recommended by the FDA Oncologic Drugs Advisor.
Two supplemental Biologics License Applications were recently approved by the FDA, expanding the manufacturing capability for Ogivri, as well as Mylan and Biocon's first U.S. biosimilar, Fulphila, a biosimilar to Neulasta. Mylan and Biocon Biologics have sufficient manufacturing capacity to fulfil demand in the U.S. and global markets for both products.
Brokerages covering the stock are pretty upbeat about this launch as they feel the launch, coming well with-in the expected timeline will show results in H2FY20 earnings.