Biocon shares in focus after unit receives USFDA nod for cancer drug

Biocon shares may be in the spotlight after its arm, Biocon Biologics, secured USFDA approval for Jobevne, a biosimilar to Avastin, for cancer treatment. This is Biocon’s seventh biosimilar in the U.S., boosting its oncology portfolio. The company already markets the drug in Europe and Canada under the name Abeymy. Bevacizumab U.S. sales stood at $2 billion in 2023.

Shares of Biocon are expected to be in focus on Friday after its subsidiary, Biocon Biologics, announced that it has received approval from the U.S. Food and Drug Administration (USFDA) to market Jobevne (bevacizumab-nwgd), a biosimilar to Avastin, for intravenous treatment of various cancers.

Jobevne is a recombinant humanized monoclonal antibody that functions as a VEGF inhibitor, helping to combat tumors by blocking blood vessel growth.This marks Biocon’s seventh biosimilar approved in the U.S.

, further strengthening its oncology portfolio. The company already markets the drug in Europe and Canada under the brand name Abeymy.CEO and MD Shreehas Tambe described the approval as a significant milestone that reinforces Biocon’s commitment to expanding access to treatment.

Bevacizumab sales in the U.S. reached approximately $2 billion in 2023.

Shares of the pharma company have risen 10% in the past year but underperformed its sector by 1.59%. Over the last three years, the stock has declined by 14%.

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