Biocon lost 0.83% to Rs 433.70 at 13:04 IST on BSE, with the stock sliding on profit booking after Wednesday's 11.38% rally triggered by the company entering into a licensing & collaboration agreement with Quark Pharmaceuticals, Inc.
Meanwhile, the S&P BSE Sensex was down 133.49 points or 0.64% at 20,726.37.
On BSE, so far 2.84 lakh shares were traded in the counter as against average daily volume of 1.55 lakh shares in the past two weeks.
The stock hit a high of Rs 446 and a low of Rs 429.65 so far during the day.
Shares of Biocon had rallied 11.38% to settle at Rs 437.35 on Wednesday, 18 December 2013 after the company during trading hours on Wednesday, 18 December 2013 said it has entered into a licensing & collaboration agreement with Quark Pharmaceuticals, Inc. (Quark) for the development of a range of small interfering RNA (siRNA) based novel therapeutics.
The collaboration will enable Biocon to co-develop, manufacture & commercialize QPI-1007, a novel siRNA drug candidate for ophthalmic conditions, for India and other key markets, Biocon and Quark Pharmaceuticals, Inc. (Quark) said in a combined statement.
Biocon will have access to Quark's innovative and proprietary siRNA technology platform that can be leveraged for the development of novel therapeutics for various unmet medical needs.
An expert team of scientists from Quark and Biocon will jointly work on the development of QPI-1007, and the additional novel pipeline, leveraging the siRNA innovative technology, the statement said.
Quark Pharmaceuticals, Inc., the world leader in novel RNAi discovery and development, has the largest clinical-stage siRNA pipeline in the industry. The company's fully integrated drug development platform spans therapeutic target identification to drug development. The company is headquartered in Fremont, California and operates research and development facilities in Boulder, Colorado and Ness-Ziona, Israel.
Biocon's consolidated net profit rose 13.9% to Rs 102.15 crore on 23.9% growth in net sales to Rs 734.21 crore in Q2 September 2013 over Q2 September 2012.
Established in 1978, Biocon is India's largest and Asia's leading biotechnology company with a strategic focus on biopharmaceuticals and research services. It is a fully integrated, innovation-driven biopharma enterprise offering affordable solutions for chronic diseases to patients worldwide.
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