Biocon goes up 6% on USFDA approval

NEW DELHI: Biocon on Tuesday surged 6 per cent as the drug maker and its partner Mylan received USFDA approval for a biosimilar of a drug used to treat cancer.

The drug in question -- Fulphila -- is the first USFDA-approved biosimilar to Neulasta and the second biosimilar from Mylan's and Biocon’s joint portfolio approved in the US.

Mylan expects to launch Fulphila in coming weeks, representing the first alternative and a more affordable treatment option than Neulasta for oncology patients. A suite of patient services will also be available at launch to further support patients, Biocon told stock exchanges.

Following the announcement, the stock rose 6.25 per cent to hit a high of Rs 695 on the BSE.

Neulasta had US sales of $4.2 billion for the 12 months to March, according to IQVIA.

Fulphila has been approved to reduce the duration of febrile neutropenia -- fever or other signs of infection with a low count of neutrophils, a type of white blood cells -- in patients treated with chemotherapy in certain types of cancer.