Biocon up 3% as EMA accepts application for cancer drug

The share prices of Biocon surged over 3 per cent intraday on Friday after the company announced that the European Medicines Agency (EMA) accepted the marketing authorization application for its breast cancer and chemotherapy drug. 

At 09:17 hours, the share of Biocon was quoting at Rs. 445.45 per share, up Rs. 13.20 or 3.05 per cent, on the BSE. It touched a 52-week high of Rs. 447.45.

 EMA acceptance of the submission follows an earlier withdrawal of the application by the company in response to an audit of Biocon’s facility conducted by the European authority. 

The company states that it has completed corrective actions outlined as a result of observations and these will be confirmed during the re-inspection of the plant.