Biocon share price hit 52 week high of Rs 1051.75 on the NSE today after the nation's largest biopharma company and its US partner Mylan said that the USFDA - US Food and Drug Administration has accepted the biologics licence application for its biosimilar drug for treating breast cancers. An FDA would aid the drug enter the lucrative United States market. The companies expect a decision from FDA by 3rd September, 2017.
Biocon and Mylan had submitted the application to FDA in the month of November. In October, the European Medicines Agency had accepted an application from Biocon to market the insulin glargine it co-developed with Mylan NV, to treat type-2 diabetes and control high blood sugar for patients with type-1 diabetes.
Dr Arun Chandavarkar, CEO and Joint Managing Director of Biocon said that this development positioned Biocon and Mylan among the first companies to be able to address the critical requirement of the US patients for a high-quality bio similar to treat certain HER2-positive breast cancers, in the years to come. Meanwhile, Biocon share price shot up over 3 per cent intraday on the NSE today.
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