Biocon share price hits fresh record high as Itolizumab drug gets DCGI nod for COVID-19 treatment

Biocon shares were trading nearly 1 per cent higher at Rs 418.25 apiece as compared to a 1.05 per cent rise in the benchmark S&P BSE Sensex

Biocon share price surged 10 per cent to hit a fresh all-time high of Rs 455 apiece on BSE after the biopharmaceutical company on Saturday received approval for its drug Itolizumab for its use in moderate to severe COVID-19 patients. Biocon share price touched a 52-week low of Rs 211.30 apiece in August 2019, since then the stock price has zoomed 115.33 per cent, doubling the investors’ wealth in less than a year. “Biocon announced that it has received the Drugs Controller General of India’s (DCGI) approval to market Itolizumab (ALZUMAb™) Injection 25mg/5mL solution for emergency use in India for the treatment of cytokine release syndrome (CRS) in moderate to severe ARDS (acute respiratory distress syndrome) patients due to COVID-19,” the company said in a press release.

With today’s 10 per cent surge in stock price, Biocon market capitalisation stands at Rs 50,280 crore. Itolizumab is the first novel biologic therapy to be approved anywhere in the world for treating patients with moderate to severe COVID-19 complications, the company said. “Itolizumab will be manufactured and formulated as an intravenous injection at Biocon’s bio-manufacturing facility at Biocon Park, Bengaluru,” Biocon said in a press release.

Erasing most of the morning gains, Biocon shares were trading nearly 1 per cent higher at Rs 418.25 apiece as compared to a 1.05 per cent rise in the benchmark S&P BSE Sensex in late morning deals. “As an innovation-led biopharmaceuticals company, I am proud of the successful outcome of the pivotal study we conducted with our novel immuno-modulating anti-CD6 monoclonal antibody, Itolizumab, which has proven to be an efficacious intervention in treating the serious hyperimmune response seen with COVID-19. The data is compelling and I am confident that this ‘first-in-class’ biologic will save lives and help reduce the mortality rate in our country,” said Kiran Mazumdar-Shaw, Executive Chairperson, Biocon.