Shares of Biocon rose over 4% intraday after the company said that its wholly owned subsidiary Biocon Biologics and Just - Evotec Biologics have entered into a strategic licensing agreement for an early stage, pre-clinical biosimilar asset.
Against the last close of Rs 240.20, Biocon stock rose 4.16% to the day's high of Rs 250.20 high of Rs 249.8 on the BSE. Overall 2.75 lakh shares and 75.78 lakh shares changed hands on the BSE and NSE, respectively. The volume traded today on both the bourses is higher than 5, 10 and 30-day average volume.
The stock has risen 9.13% in last 3 days. Biocon stock trades higher than 5, 20, 50 and 100-day moving averages but lower than 200-day moving averages. Although the stock price of Biocon has risen over 6% in a month and nearly 8% in the last seven days, it has fallen over 20% year-to-date.
The filing stated that Biocon Biologics will take this biosimilar asset through end-to-end development, IND filing, manufacturing and commercialization post-regulatory approval, under its own label in global markets. Biocon Biologics aims to address the needs of a large patient pool through this differentiated therapy.
"Through this in-licensing deal, Biocon Biologics has expanded its current therapeutic basket of biosimilars going beyond diabetes, oncology and immunology," the press release stated.
Commenting on the announcement, Dr Christiane Hamacher, CEO, Biocon Biologics, said: "We are extremely confident of the quality of the biosimilar asset developed by Just - Evotec Biologics and this collaboration will provide a head start for Biocon Biologics to commercialize a biosimilar under its own brand."
By Rupa Burman Roy