Biocon Hits 52-Week High On Positive Trial Results Of Cancer Drug

Biocon shares surged over 4 per cent to hit 52-week high of Rs 735.50 on Monday after the biopharmaceutical company said that its proposed generic version of Trastuzumab injection, used to treat breast cancer, has yielded positive results from phase 3 clinical trials. 

Biocon is developing the generic version of Trastuzumab in collaboration with Mylan. 

Trastuzumab injection has $6.5 billion market, according to IMS data. 

"The trial will enable regulatory filings of our products in the developed markets," Kiran Mazumdar Shaw, chairperson and managing director of Biocon, said in a filing to Bombay Stock Exchange. 

Analysts say the new drug could be a big revenue opportunity for Biocon. 

Biocon shares ended 3.28 per cent higher at Rs 726.3 apiece, compared to 0.24 per cent decline in the broader Sensex.