Following the announcement, shares of the company opened on a bullish note and surged 14.20 per cent to touch an early high of Rs 510 on the Bombay Stock Exchange (BSE).
A similar movement was seen on the NSE, where the stock opened at Rs 491.95, then gathered further momentum and touched an early high of Rs 509, registering a jump of 13.80 per cent over its previous closing price.
"Biocon and Mylan have a shared commitment to enhance access to cutting-edge bio-therapeutics and this approval will enable us to provide an affordable alternative for cancer care that will address the unmet needs of patients in the US," Biocon CMD Kiran Mazumdar-Shaw said.
Mylan CEO Heather Bresch said: "The approval of Ogivri represents a monumental achievement for Mylan to increase patient access to biosimilars and deliver significant savings to the US healthcare system."
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