Biocon gains as arm takes over commercialization of biosimilars business
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The commericalization of Vitaris Inc’s biosimilars portfolio will help the company expand its footprints in over 70 countries.
Shares of Biocon rose 1 percent in early trade on July 6 after the company expanded its footprint in emerging markets. Its arm Biocon Biologics took over commercialization of biosimilars business from Viatris in over 70 countries.
Following the deal closure in November 2022, this marks the first wave of countries where Viatris’ operations have fully transitioned to Biocon Biologics.
Biocon Biologics had inked an agreement to acquire Viatris Inc’s biosimilars business for $3.33 billion in February 2022.
“The transitioning will allow Biocon Biologics to meaningfully expand the geographic reach of the existing biosimilars portfolio and future pipeline into growth markets where Viatris has existing sales infrastructure and local market expertise,” Susheel Umesh, chief commercial officer – emerging markets at Biocon Biologics, said in an exchange filing.
At 09.23 am, shares of Biocon were trading at Rs 259 on the NSE, up 0.6 percent from the previous close.
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Most of the biosimilar products commercialized by Viatris in various markets have been co-developed with Biocon Biologics and manufactured at its facilities in India and Malaysia. The diverse portfolio covers key therapeutic areas of cancer, diabetes and autoimmune disease.
Biosimilars present an enormous opportunity to provide affordable access to these advanced therapies. “By expanding access to cost-effective biosimilars, Biocon Biologics seeks to facilitate the achievement of target 3.4 of the UN Sustainable Development Goals SDGs by 2030 by reducing premature mortality from non-communicable diseases by one third through prevention and treatment,” the company stated in an exchange filing.
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