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

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

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

At NSE, shares of the company rose by 5.31 percent 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.