Deutsche Bank cut its target price for Biocon Ltd shares by 9% to Rs 215 after Pfizer Inc ended a deal to sell insulin products made by the Indian drugmaker.
"This issue raises its risk profile in this high-risk, capital-intensive business," Deutsche Bank wrote in a research note. Biocon shares were trading at Rs 253.75 at 1.30 pm, down 5.16%.
The separation leaves India's biggest biotech company without a partner to sell the insulin drugs in key global markets such as the United States.
