Biocon rose 5.51% to Rs 508.30 at 10:40 IST on BSE after the company announced the introduction of an advanced novel therapy CIMIVIR-L for the treatment of Hepatitis C in India.
The company made the announcement during market hours today, 24 December 2015.
Meanwhile, the BSE Sensex was up 14.10 points, or 0.05%, to 25,864.40.
High volumes were traded on the counter. On BSE, so far 1.65 lakh shares were traded in the counter as against average daily volume of 36,975 shares in the past one quarter.
The stock hit high of Rs 510.50, which is also a 52-week high for the stock. The stock hit a low of Rs 484 so far during the trading session. The scrip had hit 52-week low of Rs 396.50 on 25 August 2015.
The stock had outperformed the market over the past one month till 23 December 2015, rising 5.3% compared with 0.12% rise in the Sensex. The scrip had also outperformed the market in past one quarter, gaining 9.68% as against Sensex's 0.11% gains.
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The large-cap company has an equity capital of Rs 100 crore. Face value per share is Rs 5.
Biocon said that CIMIVIR-L is a fixed dose combination of Ledipasvir 90 mg and Sofosbuvir 400 mg, which is an equivalent of the innovator product commercialized by Gilead Sciences in the US. The Drugs Controller General of India (DCGI) recently approved the sale of Sofosbuvir-Ledipasvir combination, which is being manufactured in India under a license from Gilead.
CIMIVIR-L will be made available to patients in India at a fraction of the global cost of the innovator brand. The cost of a 12-week course of this combination therapy in the US is $94,500 (Rs 63 lakh).
In keeping with its commitment to introduce innovative therapies at an affordable price to patients, Biocon had entered into a licensing agreement last year with US-based Gilead to manufacture and commercialize its chronic Hepatitis-C blockbuster product range, Sofosbuvir and Sofosbuvir-Ledipasvir combination in India and in select emerging markets.
Biocon's consolidated net profit jumped 199.8% to Rs 305.97 crore on 10.5% growth in net sales to Rs 828.48 crore in Q2 September 2015 over Q2 September 2014.
Biocon is India's largest and fully-integrated, innovation-led biopharmaceutical company.
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