Biocon Biologics, a subsidiary of Biocon, Thursday said it has received an approval from the US Food and Drug Administration for a biosimilar of Avastin, a drug used to treat several types of cancer. The approval is for intravenous use, the company said in an exchange filing.

Sales of Bevacizumab in the US were about $2 billion in 2023, according to a report in the Business Standard.

The biosimilar, Jobevne, is a recombinant humanised monoclonal antibody that works by inhibiting vascular endothelial growth factor thereby preventing the formation of blood vessels that support tumour growth.

The approval adds to Biocon Biologics’ expanding oncology biosimilar portfolio, which already includes Ogivri and Fulphila, in the US. The company also markets the bevacizumab biosimilar in Europe and Canada under the brand name Abevmy.

As of now, Biocon Biologics has commercialised nine biosimilars from its 20-product pipeline across major emerging and developed markets, including the US, Europe, Australia, Canada, and Japan, the report said. 

Shares of Biocon ended Wednesday down 5% at ₹305.60 amid threats of the US imposing additional tariffs on pharmaceutical products. The threat has ebbed. Today, the Indian share market is closed for Mahavir Jayanti.