Pharma Stock engaged in the business of manufacture and distribution of biotechnology products and research services jumped 4 percent in the day’s trade upon signing a business agreement with Handok, a specialty pharmaceutical company in South Korea.
With a market capitalization of Rs. 38,797 Crores, the shares of Biocon Limited were trading at Rs. 322.90, up 2.39 percent from its previous day’s close price of Rs. 315.35.
Biocon Limited announced the signing of an exclusive licensing and supply agreement with Handok, a specialty pharmaceutical company in South Korea, for the commercialization of its vertically integrated, complex drug product, Synthetic Liraglutide.
Under the terms of this agreement, Biocon will undertake the development, manufacturing and supply of the drug product, and Handok will be responsible for obtaining regulatory approval and commercialization in the South Korean market.
Handok is amongst Korea’s leading companies in the management of diabetes, offering a of solutions from diagnosis to treatment and care. The Company’s diabetic portfolio includes products such as Amaryl, Tenelia, and the recently launched Barozen Fit, a real-time glucose monitoring device
Liraglutide is an injection in a pre-filled pen, used in the treatment of chronic weight management as an adjunct to a reduced-calorie diet and increased physical activity.
Siddharth Mittal, Chief Executive Officer and Managing Director, Biocon Ltd, said “We are pleased to enter into this strategic partnership with Handok, which will enable patients in South Korea dealing with weight management to gain access to our GLP-1 peptide drug product, Synthetic Liraglutide.
This also aligns with our commitment to expand our portfolio of innovative, affordable medicines to address the unmet needs of patients around the world. We look forward to leveraging Handok’s strong capabilities to help patients in the region better manage their disease.”
YoungJin Kim, Chairman of Handok, commented, “Liraglutide is an important drug product for treating diabetes and obesity. Our collaboration with Biocon will enable Handok to expand its portfolio into the obesity sector, which will benefit patients and sharpen our competitive edge. We look forward to successfully launching and growing Liraglutide in the Korean market.”
Biocon Limited is a Biopharmaceutical company engaged in the business of manufacture and distribution of biotechnology products and research services. Its segment includes Generics, Biosimilars, Novel Biologics and Research Services.
Biocon Limited offers around 36 brands across therapeutic divisions which are diabetes, oncology, and immunology, some of its famous key brands are Insugen, Krabeva, and Alzumab.
Its Revenue from operations grew by 3.79 percent from Rs. 3,773.39 Crores in Q4FY23 to Rs. 3,917.1 Crores in Q4FY24, accompanied by profits of Rs. 414.5 Crores to Rs. 222.9 Crores.
Written by: Bharath K.S
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