Health Canada approves Biocon micafungin Monday, Biocon shares rise 1.9%
Biocon's shares got a 1.9% boost on Monday after Health Canada approved its antifungal injection, micafungin.
This drug, offered in 50-mg and 100-mg doses, treats serious Candida infections, including tough cases like candidemia and abscesses, in patients as young as four months old.
It's also used for esophageal infections and to help protect transplant patients from dangerous fungi.
Biocon profit nearly 57% last quarter
Even though Biocon's net profit dropped nearly 57% last quarter, its stock has climbed 12% this past month, showing investors are still optimistic, especially with this new approval in hand.
Chairperson Kiran Mazumdar-Shaw shared that her niece Claire will take over leadership over the next five years, while the current management keeps things running smoothly.