Shares of Biocon rallied 5.6% to an intraday excessive of Rs 322.25 on the BSE on Friday after its subsidiary, Biocon Biologics, introduced it had obtained approval from the U.S. Meals and Drug Administration (USFDA) to market Jobevne (bevacizumab-nwgd), a biosimilar to Avastin, for the intravenous remedy of assorted cancers.
Jobevne is a recombinant humanized monoclonal antibody that capabilities as a VEGF inhibitor, serving to to fight tumors by blocking blood vessel development.
This marks Biocon’s seventh biosimilar accredited within the U.S., additional strengthening its oncology portfolio. The corporate already markets the drug in Europe and Canada underneath the model title Abeymy.
CEO and MD Shreehas Tambe described the approval as a major milestone that reinforces Biocon’s dedication to increasing entry to remedy.
Bevacizumab gross sales within the U.S. reached roughly $2 billion in 2023.
Shares of the pharma firm have risen 10% prior to now yr however underperformed its sector by 1.59%. Over the past three years, the inventory has declined by 14%.
