 "Biocon share price jumps 5% on DCP nod for diabetes drug in European Union")
Biocon share price: Pharmaceutical giant Biocon shares jumped up to 4.64 per cent to hit an intraday high of Rs 344.85 per share on Tuesday, December 24, 2024.
The rise in Biocon share price came after it announced that the company and its European partner, Zentiva, have received a Decentralized Procedure (DCP) approval for its complex formulation, Liraglutide, in the European Union (EU).
The approval is for the generic versions of Victoza to treat Type-2 Diabetes and Saxenda used in the treatment of weight management.
In an exchange filing, Biocon said, “This is to inform you that the Company and its European partner, Zentiva, have received a Decentralized Procedure (DCP) approval for its complex formulation, Liraglutide, in the European Union (EU). The approval is for the generic versions of Victoza to treat Type-2 Diabetes and Saxenda used in the treatment of weight management.”
About Biocon
Biocon is among the leading global biotechnology companies, focused on manufacturing innovative biotechnology products and providing research services. The company operates through several business segments, including Biosimilars, Research Services, Generics, and Novel Biologics.
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Biocon Biologics, its biosimilars arm, holds a portfolio of 20 biosimilars spanning across critical therapeutic areas such as oncology, immunology, and diabetes, with significant market share in advanced markets. The company also has a robust pipeline of over 20 molecules expected to be launched by 2030.
Syngene, its research services arm, is an independent entity that offers comprehensive discovery, development, and manufacturing services to various industries, including pharmaceuticals, biotechnology, and consumer goods.
The company’s generics division specialises in the manufacture of active pharmaceutical ingredients (APIs) with an extensive portfolio of over 50 products, including high-potency molecules. Biocon has made strides in novel biologics, with the introduction of India’s first indigenously produced monoclonal antibody, Nimotuzumab, and Itolizumab for treating psoriasis.
The company continues to expand its manufacturing capacity globally, including a recent acquisition of a US oral solid dosage facility and a biologics manufacturing facility through Syngene.
Biocon share price history
Biocon shares have gained about 2.5 per cent in the past month, while they have surged over 35 per cent this year-to-date (Y-T-D). In comparison, BSE Sensex has gained about 9 per cent Y-T-D.
The market capitalisation of Biocon is Rs 41,336.66 crore, according to BSE. The company falls under the BSE 200 category.
At 1:40 PM, Biocon share was trading 4.48 per cent higher at Rs 344.30 per share. In comparison, BSE Sensex was trading 0.09 per cent higher at 78,607.69 levels.