Biocon gains on approval to market Abevmy

The subsidiary of Biocon Ltd i.e. Biocon Biologics announced on Monday that it has received CHMP approval to market Abevmy, which is a biosimilar to Avastin. Reacting to the news, its share inched higher by a per cent during the early trading session on BSE.

European Medicines Agency’s (EMA) Committee has adopted a positive opinion for the medicinal products for human use (CHMP) recommending the marketing authorisation of its biosimilar Bevacizumab (Avastin), which is co-developed with Viatris, to be marketed as Abevmy. 

Abevmy is used to treat symptoms like metastatic colorectal carcinoma, metastatic breast cancer, non-small-cell lung carcinoma, glioblastoma, ovarian, cervical, and renal cancer as a part of a specific regimen. 

The decision to grant marketing authorisation in the 27 European Union (EU) member countries and European Economic Area by European Commission (EC) is expected in May 2021. 

Biocon Ltd, a Bengaluru-based company, is engaged in manufacturing generic active pharmaceutical ingredients (API). Its products are sold in over 120 countries, including the developed markets of the United States and Europe. 

At 10.52 am on Monday, its share was trading at Rs 394.05, 1.04 per cent higher than its previous close of Rs 390. The share reported an intraday high and an intraday low of Rs 396.50 and Rs 390.15 on BSE.