Abevmy is a recombinant humanized monoclonal antibody that selectively binds to human vascular endothelial growth factor (VEGF) and neutralizes its biologic activity. Abevmy (bBevacizumab), inhibits the formation of tumor vasculature, thereby inhibiting tumor growth.

The approval of Abevmy in Canada was based on a comprehensive analytical, pre-clinical and clinical program.

Abevmy is authorized for use in Metastatic Colorectal Cancer (mCRC); Locally Advanced, Metastatic or Recurrent Non-Small Cell Lung Cancer (NSCLC); Platinum-Resistant Recurrent Epithelial Ovarian, Fallopian Tube and Primary Peritoneal Cancer; Malignant Glioma (WHO Grade IV) – Glioblastoma.

The two formats approved and now available in Canada are: 100 mg/4 mL single-use vial and 400 mg/16 mL single-use vial.

Matthew Erick, chief commercial officer, Advanced Markets, Biocon Biologics, said: "With the launch of Abevmy, (bBevacizumab), we are adding another world-class biosimilar to our oncology portfolio in Canada, which includes Ogivri (Trastuzumab) and Fulphila (Pegfilgrastim). Abevmy will be an important addition to our existing portfolio and will enable us to expand patient access to another affordable biologic for cancer care."

Biocon Biologics and Viatris have an exclusive collaboration for the development, manufacturing and commercialization of a broad portfolio of biosimilars and insulin analogs. Viatris has exclusive commercialization rights in the U.S., Canada, Australia, New Zealand, the European Union and European Free Trade Association countries. Biocon Biologics has exclusive commercialization rights for certain emerging markets and co-exclusive commercialization rights with Viatris in the rest of the world.

Biocon is an innovation-led global biopharmaceuticals company committed to enhance affordable access to complex therapies for chronic conditions like diabetes, cancer and autoimmune. It has developed and commercialized novel biologics, biosimilars, and complex small molecule APIs in India and several key global markets as well as Generic Formulations in the US and Europe.

On a consolidated basis, Biocon reported 6% fall in net profit to Rs 239 crore on a 31% rise in revenue from operations to Rs 2,409 crore in Q4 FY22 over Q4 FY21.

Shares of Biocon fell 4.42% to Rs 322.95 on Thursday.