Biocon shares rose almost 7% on Tuesday after the pharmaceutical firm said it has launched a diabetes drug Semglee (insulin glargine injection) in the US market. The drug helps control high blood sugar in adults and children with type 1 and type 2 diabetes, the company said.
Following the announcement, Biocon shares opened at Rs 382.05 and jumped 6.97% to its intraday high of Rs 402.65 against the last closing of Rs 376.40 on BSE. The stock trades near its 52-week high of Rs 455, hit on July 13, 2020. Biocon shares have gained over 3% in the last week and 35% since the beginning of the year.
Share price of Biocon is trading higher than 5, 20, 100 and 200-day moving averages but lower than 50-day moving averages. Market capitalisation of the pharma firm stood at Rs 47,928 crore as of today's session.
Biocon Biologics India, a subsidiary of Biocon, and Mylan N.V. announced the US launch of Semglee(insulin glargine injection) in a vial and pre-filled pen presentations. Semglee, which received final approval from the U.S. Food and Drug Administration (USFDA), has an identical amino acid sequence to Sanofi's Lantus and is approved for the same indications.
Kiran Mazumdar-Shaw, Executive Chairperson, Biocon said, "The commercialisation of our insulin glargine in the US represents another milestone achievement for Biocon in making insulin-based therapy increasingly accessible for people with diabetes globally."
"We are confident that along with our long-standing partner Mylan, we will be able to address the needs of millions of patients living with diabetes in the US Leveraging our science and global scale manufacturing expertise, we have been expanding affordable access to biosimilar insulins to patients in Japan, Australia, Europe, India and key emerging markets. The US launch of Semglee takes us closer to realizing our aspiration of reaching 'one in five' insulin-dependent people with diabetes worldwide," she added.