Biocon rises on the launch of Ogivri

On Monday, Biocon informed the bourses that the company, in partnership with Mylan NV, has rolled out Ogivri (trastuzumab-dkst), a biosimilar to Herceptin (trastuzumab) in the US. Ogivri is available in a 420 mg multi-dose vial and a 150 mg single-dose vial to provide patient dosing and treatment flexibility. Ogivri is approved for all indications of Herceptin and the treatment of HER2-overexpressing breast cancer and metastatic stomach cancer (gastric or gastroesophageal junction adenocarcinoma).

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

Ogivri is the second biosimilar to be offered by Mylan through the Mylan-Biocon Biologics partnership in the US and the second FDA-approved biosimilar through this collaboration to support cancer patients. Mylan and Biocon launched the world's first biosimilar trastuzumab in India in 2014.

Besides, the company today informed that Siddharth Mittal, the CFO of Biocon, has taken over the company as Chief Executive Officer and Joint Managing Director, starting December 1, 2019.

Biocon is India’s largest biotechnology company, with a strategic focus on biopharmaceuticals and research services. It is a fully integrated, innovation-driven biopharma enterprise offering affordable solutions for chronic diseases to patients worldwide.

With response to this development, the stock of Biocon opened gap up at Rs. 299.70, up by nearly 5 per cent from the previous close.