Biocon gets tentative USFDA nod for cancer drug but share trades lower

The share touched a 52-week high of Rs 307 on February 6, 2024 and a 52-week low of Rs 191.60 March 21, 2023

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Biocon share price shed a percent in the early trade on February 7. The company has received tentative approval of its abbreviated new drug application (ANDA) for Dasatinib tablets from the United States Food and Drug Administration (USFDA).

At 9.29 am, Biocon was quoting at Rs 295.15 on the BSE, down Rs 3.60, or 1.21 percent.

This drug is indicated in the treatment of Philadelphia chromosome positive chronic myeloid leukemia in adults. It is also used to treat Philadelphia chromosome positive acute lymphoblastic leukemia in adults with resistance or intolerance to prior therapy.

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The company’s board will meet on February 8 to take on record the un-audited standalone and consolidated financial results for the quarter and nine months ended December 31, 2023.

The share touched a 52-week high of Rs 307 on February 6, 2024 and a 52-week low of Rs 191.60 March 21, 2023. It is trading 3.86 percent below its 52-week high and 54.04 percent above its 52-week low.