December 4, 2017 / 4:19 AM / a month ago

BUZZ-India's Biocon hits record high on U.S. FDA approval for generic cancer drug Ogivri

** Biocon Ltd jumps as much as 13.8 pct to hit a record high of 509.00 rupees

** The biopharmaceutical company and its partner Mylan NV get U.S. FDA approval for Ogivri, biosimilar of Herceptin - used as a treatment for breast cancer

** This is the first U.S./EU biosimilar approval for the partnership, allaying concerns over compliance with manufacturing standards, potentially paving the way for Biocon’s biosimiliar of chemotherapy drug Neulasta in Q1 2018 - Kotak Securities analysts

** While the approval marks a watershed moment for Biocon, the focus should shift to commercials, with biosimilar Herceptin likely to turn into a four-five player market by H1 2019 - analysts

** More than 8.4 mln shares traded, 2.6 times their 30-day moving avg of 3.2 mln shares

** Up to Friday’s close, stock up 41.3 pct this year

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