Biocon shares jump 5.5% as USFDA clears biosimilar Cancer drug JOBEVNE

Biocon's share price surged 5.5 percent in intra-day trade on Friday, April 11, after the company’s subsidiary, Biocon Biologics, received approval from the US Food and Drug Administration (USFDA) for JOBEVNE, a biosimilar version of Bevacizumab for intravenous use. The development marks a key regulatory milestone for the company and reinforces investor confidence in Biocon’s growing biosimilar portfolio.

JOBEVNE: Biocon's Seventh USFDA-Approved Biosimilar

The newly approved drug, JOBEVNE (bevacizumab-nwgd), is a biosimilar of the reference product Avastin (bevacizumab). It is a recombinant humanized monoclonal antibody designed to inhibit angiogenesis—the formation of new blood vessels—by blocking vascular endothelial growth factor (VEGF). This mechanism restricts the blood supply to tumors, thereby slowing or preventing their growth.

Shreehas Tambe, CEO and Managing Director of Biocon Biologics, described the USFDA approval as a major achievement for the company. “The U.S. FDA approval of JOBEVNE is a significant milestone—our seventh biosimilar approved in the U.S. and a strong addition to our robust oncology portfolio,” he said. Tambe added that the approval reflects Biocon's scientific depth and ongoing commitment to making high-quality, affordable biologics accessible globally.

Strengthening Presence in Global Oncology Markets

With JOBEVNE, Biocon Biologics further cements its position in the U.S. oncology biosimilars market, where it already offers OGIVRI (Trastuzumab-dkst) and FULPHILA (Pegfilgrastim-jmdb). The company also sells its Bevacizumab biosimilar under the brand name ABEVMY in Europe (since February 2021) and Canada (since November 2021).

The U.S. market remains a significant opportunity, with sales of bevacizumab approximating USD 2 billion in 2023. Biocon’s expanded product pipeline is expected to enable the company to capture a larger share of this high-value market.

In addition to the USFDA nod for JOBEVNE, Biocon has been taking steps to strengthen its financial position. The company’s board recently approved the issuance of commercial papers worth up to ₹600 crore through private placement, aiming to improve liquidity and fund its growth initiatives.

Further, on March 24, Biocon’s subsidiary Biocon Pharma received USFDA approval for its ANDA (Abbreviated New Drug Application) for Norepinephrine Bitartrate Injection USP, used for managing acute hypotension in adult patients. This back-to-back regulatory clearance reinforces Biocon’s execution capabilities across therapeutic areas.

Stock Performance: Rebounding from Lows

The pharma stock rose to a day’s high of ₹322.25 on April 11, reflecting strong investor sentiment post-approval. While still trading over 20 percent below its 52-week high of ₹404.60 (hit in January 2025), the stock has shown resilience after touching a 52-week low of ₹260 in April 2024.

Over the past year, Biocon has gained around 10 percent. However, its monthly trajectory has been volatile: it declined 8 percent in April so far, after a 13 percent rally in March. This followed a steep 16.5 percent drop in February and a marginal 1 percent dip in January.

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