Shares of Biocon Ltd surged 3.07% to ₹315.70 in Friday’s early trade after its subsidiary, Biocon Biologics Ltd (BBL), secured approval from the U.S. Food and Drug Administration (USFDA) for its bevacizumab biosimilar, Jobevne™ (bevacizumab-nwgd). The drug is approved for intravenous use and is a biosimilar to Roche’s Avastin®, a widely prescribed oncology treatment.
This marks the seventh biosimilar from Biocon Biologics to be approved in the U.S., further strengthening the company’s oncology portfolio. Jobevne™ acts as a VEGF inhibitor and is used to slow the growth of certain cancers by preventing angiogenesis—the formation of new blood vessels.
Biocon Biologics already markets bevacizumab in Europe and Canada under the brand name Abevmy, following regulatory approvals in February and November 2021. The U.S. market for bevacizumab was estimated at around $2 billion in 2023, making Jobevne™’s approval a significant commercial opportunity.
At 9:20 am, Biocon shares were trading at ₹315.70, up ₹9.40 from the previous close of ₹306.30. The stock hit an intraday high of ₹323 and commands a market cap of ₹379.80 billion.
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