Biocon gained 2.1% to Rs 626 at 10:10 IST on BSE after the company announced that it along with Mylan seek to accelerate introduction of adalimumab biosimilar in European Union.
The announcement was made after market hours yesterday, 11 April 2018.Meanwhile, the S&P BSE Sensex was up 41.53 points, or 0.12% to 33,981.97.
On the BSE, 1.20 lakh shares were traded in the counter so far compared with average daily volumes of 1.07 lakh shares in the past two weeks. The stock had hit a high of Rs 629.55 and a low of Rs 620.65 so far during the day. The stock hit a record high of Rs 657.75 on 24 January 2018. The stock hit a 52-week low of Rs 295 on 25 May 2017.
The large-cap company has equity capital of Rs 300 crore. Face value per share is Rs 5.
Biocon announced that the company and Mylan have agreed to accelerate introduction of adalimumab biosimilar in Europe through Mylan's in-licensing arrangement with Fujifilm Kyowa Kirin Biologics (FKB). FKB's product is at an advanced stage of review and could potentially obtain approval in Europe in the second half of 2018.
Through this arrangement, Mylan could commercialize FKB's Adalimumab in European Union (EU) around market formation. Biocon retains its economic interest in this arrangement vis-a-vis Mylan in line with its existing global collaboration with Mylan for monoclonal antibodies.
Biocon's consolidated net profit fell 46.35% to Rs 91.90 crore on 1.96% growth in net sales to Rs 1057.90 crore in Q3 December 2017 over Q3 December 2016.
Biocon is India's largest and fully-integrated, innovation-led biopharmaceutical company.
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