July 14, 2017 / 4:40 AM / 13 days ago

BUZZ-India's Biocon surges; U.S. FDA committee recommends approval of drug

1 Min Read

** Shares of Biocon Ltd up as much as 10 pct at 404.45 rupees - highest since June 2002

** U.S. FDA's Oncologic Drugs Advisory Committee of experts unanimously recommended approval of breast cancer treatment Trastuzumab, developed by Mylan NV and Biocon

** The FDA's final decision is pending, but agency typically sides with the recommendation of the panel, although it is not required to do so

** Mylan and Biocon are exclusive partners on a broad portfolio of biosimilar and insulin products

** Up to Thursday's close, Biocon's shares had risen 16 pct this year

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