Shares of Biocon rose over 2 percent in morning deals on March 28 as the company received approval from the Medicines and Healthcare Products Regulatory Agency (MHRA), UK, for its diabetes drug.

The company had filed for approval to its complex formulation Liraglutide (6mg/ml solution for injection in pre-filled pen), used in the treatment of Type 2 diabetes mellitus, a disorder in which the body does not produce enough or respond normally to insulin, causing blood sugar (glucose) levels to be abnormally high, through its European partner Zentiva.

At 9:20am, Biocon shares were trading at Rs 260.40 on the National Stock Exchange (NSE), up 1.6 percent from the previous close. So far this year, the stock has rallied over 2 percent, marginally outperforming the benchmark Nifty, which has surged around 12 percent in this period.

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The approval of Liraglutide, a vertically integrated product, is an important milestone for Biocon, said CEO Siddharth Mittal. “ Being the first generic Liraglutide approved in a major regulated/ICH market, it strengthens our leadership in delivering many ‘firsts’ on complex drug products such as bTrastuzumab, bPegfilgrastim, and the first interchangeable biosimilar Insulin Glargine, approved by the US FDA.”

According to IQVIA MAT Q4 2023, the total addressable market opportunity for GLP-1 in diabetes and weight loss in UK was $425 million, Biocon informed in its regulatory filing.

Also Read | Biocon Biologics signs 10-year supply deal with Eris Lifesciences for Rs 1242 crore

Earlier this month, Biocon’s subsidiary Biocon Biologics signed a long-term commercial collaboration with Eris Lifesciences to expand patient access to its portfolio of metabolics, oncology and critical care products in India.

The total transaction value was Rs 1,242 crore, which represents an accretive multiple of 3.4 times of revenue and 18 times of EBITDA, the company said in an exchange filing.

Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

Shares of Biocon rose over 2 percent in morning deals on March 28 as the company received approval from the Medicines and Healthcare Products Regulatory Agency (MHRA), UK, for its diabetes drug.

The company had filed for approval to its complex formulation Liraglutide (6mg/ml solution for injection in pre-filled pen), used in the treatment of Type 2 diabetes mellitus, a disorder in which the body does not produce enough or respond normally to insulin, causing blood sugar (glucose) levels to be abnormally high, through its European partner Zentiva.

At 9:20am, Biocon shares were trading at Rs 260.40 on the National Stock Exchange (NSE), up 1.6 percent from the previous close. So far this year, the stock has rallied over 2 percent, marginally outperforming the benchmark Nifty, which has surged around 12 percent in this period.

Follow our market blog to catch all the live action

The approval of Liraglutide, a vertically integrated product, is an important milestone for Biocon, said CEO Siddharth Mittal. “ Being the first generic Liraglutide approved in a major regulated/ICH market, it strengthens our leadership in delivering many ‘firsts’ on complex drug products such as bTrastuzumab, bPegfilgrastim, and the first interchangeable biosimilar Insulin Glargine, approved by the US FDA.”

According to IQVIA MAT Q4 2023, the total addressable market opportunity for GLP-1 in diabetes and weight loss in UK was $425 million, Biocon informed in its regulatory filing.

Also Read | Biocon Biologics signs 10-year supply deal with Eris Lifesciences for Rs 1242 crore

Earlier this month, Biocon’s subsidiary Biocon Biologics signed a long-term commercial collaboration with Eris Lifesciences to expand patient access to its portfolio of metabolics, oncology and critical care products in India.

The total transaction value was Rs 1,242 crore, which represents an accretive multiple of 3.4 times of revenue and 18 times of EBITDA, the company said in an exchange filing.

Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.