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Biocon stocks gain over 5pc, hit 52-week high in intra-day trade

Shares of biotechnology major Biocon on Thursday surged over 5 per cent after the company launched advanced novel therapy for the treatment of Hepatitis C at low cost.

The stock gained 5.36 per cent to settle at Rs. 507.55 on BSE. During the day, it surged 6.52 per cent to Rs. 513.20 – its 52-week high.

At NSE, shares of the company rose by 5.31 per cent to close at Rs. 508.05.

CIMIVIR-L, a fixed dose combination of Ledipasvir 90 mg and Sofosbuvir 400 mg, will be made available to patients in India at a fraction of the global cost of the innovator brand, Biocon Ltd said in a statement.

The cost of a 12-week course of this combination therapy in the US is USD 94,500 (about Rs. 63 lakh).

Biocon, President-Marketing, Ravi Limaye said the introduction of CIMIVIR-LTM will strengthen the company’s current portfolio of virology products.

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