Biocon launches biosimilar trastuzumab in Australia

Biocon informed the bourses that the company along with Mylan has launch Ogivri (trastuzumab), a biosimilar to Herceptin1, for the treatment of HER2-overexpressing breast cancer and metastatic stomach cancer (gastric or gastroesophageal junction adenocarcinoma) in Australia, on Thursday.

Ogivri is the first trastuzumab biosimilar approved and launched in Australia and available on the Pharmaceutical Benefits Scheme (PBS).

Besides, the company is confident to launch biosimilar trastuzumab in the US successfully. Biocon’s competitor Amgen has already commercialised its own version earlier in the world’s largest drug market.

In the recent quarter of FY20, Biocon reported stellar 86 per cent growth to Rs. 223 crore. The company’s revenue grew by 25 per cent to Rs. 1,490 crore backed by a strong performance from biologics and small molecules.

Despite this positive development, the stock of Biocon dipped nearly 2 per cent amid sell-off in the broader market.