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Biocon shares drop; here's what's pulling the stock lower

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Biocon shares drop; here's what's pulling the stock lower

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Biocon is trading in red, down nearly 3 percent. The news that has come out in the past couple of days is that pharma company Amneal Pharma is launching the biosimilar version of a cancer drug, Avastin or Bevacizumab.

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Buy / Sell Biocon share

Biocon is trading in red, down nearly 3 percent. The news that has come out in the past couple of days is that pharma company Amneal Pharma is launching the biosimilar version of a cancer drug, Avastin or Bevacizumab.
The news is that Biocon is also filer of the same biosimilar and Biocon’s approval for this particular biosimilar Bevacizumab in the US has been held up due to COVID-19.
The USFDA couldn’t come and inspect the plant since December 2019 and hence there has been a delay in this particular biosimilar launch for Biocon.
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This particular biosimilar, Bevacizumab, is used to treat cancer, its market size is expected to be around $2.6 billion.
Amneal will become the third company to launch the biosimilar ahead of Biocon. The other two are Pfizer as well as Amgen.
Watch the accompanying video of CNBC-TV18’s Ekta Batra for more details.
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