Biocon shares gain after Mylan gets EMA nod for biosimilars

Shares of Biocon today settled with gains of over three percent on the bourses after the European Medicines Agency accepted its partner Mylan's marketing authorisation applications for two proposed biosimilars.

The shares of Biocon opened at Rs 445, then surged 3.92 percent to touch an intra-day high of Rs 449.20 and finally settled for the day at Rs 446.55, up 3.31 percent over its previous closing price.

A similar trend was seen on NSE, where the stock opened at Rs 445, then jumped to an intra-day high of Rs 450 and ended at Rs 445.55, up 3.10 percent.

The uptick on the counter assumes significance as the broader market ended the day in the negative territory, down 316.41 points at 32,832.94.

"The European Medicines Agency (EMA) has accepted for review Mylan's Marketing Authorisation Applications (MAA) for proposed biosimilar trastuzumab and proposed biosimilar pegfilgrastim," Biocon said in a BSE filing.

Last month, Mylan had resubmitted marketing authorisation applications with EMA for the two biosimilars.