Biocon shares rally nearly 6% after unit receives USFDA nod for cancer drug

Biocon’s shares surged following USFDA approval for Jobevne, a biosimilar to Avastin, used in treating various cancers. This marks Biocon’s seventh biosimilar approval in the U.S., strengthening its oncology portfolio. With bevacizumab sales reaching $2 billion in the U.S. in 2023, this approval signifies a major milestone for Biocon.

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