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Last Updated : Dec 03, 2019 09:50 AM IST | Source: Moneycontrol.com

Biocon share price rises 4% on launching cancer drug in US; Citi maintains buy

Research house Citi has maintained buy rating on Biocon with a target at Rs 350 per share.

 
 
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Biocon share price rose 4.5 percent intraday on December 3 after the company launched Ogivri, a biosimilar to Herceptin, in the US market.

The company with its partner Mylan NV announced the US launch of Ogivri, a biosimilar to Herceptin.

Ogivri is available in a 420mg multi-dose vial and a 150mg single-dose vial in order to provide patient dosing and treatment flexibility.

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Ogivri was the first biosimilar trastuzumab approved by the US Food and Drug Administration (FDA) and unanimously recommended by the FDA Oncologic Drugs Advisory Committee (ODAC).

The drug is approved for all indications of Herceptin including for the treatment of HER2-overexpressing breast cancer and metastatic stomach cancer (gastric or gastroesophageal junction adenocarcinoma).

Research house Citi has maintained a buy rating on Biocon with a target at Rs 350 per share.

According to Citi, the launch is in-line with this settlement and the company's earlier commentary and it is a best Indian play on the global biosimilars opportunity.

It expects a meaningful pick-up in earnings momentum over H2FY20 and beyond and reiterated company as one of its top picks in the sector, it added.

Morgan Stanley has an overweight call on the stock with a target at Rs 350 per share.

The launched biosimilar Trastuzumab in the US is as per terms of its settlement. It’s the second biosimilar launch in the US and each product was an early entrant in market, it added.

Importantly, management has reiterated its USD 1 billion biosimilar sales target for FY22, it said.

At 09:20 hrs, Biocon was quoting at Rs 292.85, up Rs 6.90, or 2.41 percent on the BSE.

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First Published on Dec 3, 2019 09:42 am
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