Biocon share price gains on launch of cancers drug in the US market

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Everolimus (Afinitor) is a prescription medication that is used to treat certain types of cancers and tumours

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Biocon share price added over 1 percent in the morning trade on October 4 after the pharma company announced the launch of Everolimus tablets, used in the treatment of some cancers, in the US market.

Everolimus tablets have been introduced in four strengths of 2.5mg, 5mg, 7.5mg and 10mg, with the 10 mg tablet being a ‘day-1’ generic launch.

Everolimus (Afinitor) is a prescription medication that is used to treat certain types of cancers and tumours.

“The launch of Everolimus tablets is another important addition to our generics portfolio and underscores our commitment to bringing complex, vertically integrated and affordable generic formulations to the market expeditiously,” Biocon Chief Executive Officer & Managing Director Siddharth Mittal said.

The commercial launch comes after the US regulator Food and Drug Administration (FDA) approved Everolimus in February 2021.

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“We will continue our focus on innovation and enhancing capacities to launch new products that make affordable healthcare accessible to millions of patients the world over,” Mittal said.

At 0946 hours, Biocon was quoting at Rs 367.50, up Rs 2.35, or 0.64 percent, on the BSE.

The share touched its 52-week high of Rs 487.70 on December 23, 2020 and a 52-week low of Rs 327.75 on  August 23. It is trading 24.65 percent below its 52-week high and 12.13 percent above its 52-week low.