Biocon rose 4.43% to Rs 232 after announcing the launch first insulin glargine biosimilar, Semglee, in Australia.
Biocon and Mylan N.V. announced the launch of Semglee (insulin glargine solution for injection 100 IU/mL in a 3mL pre-filled pen), the first insulin glargine biosimilar in Australia available on the PBS (pharmaceutical benefits scheme).Insulin glargine is a long-acting basal insulin analogue, given once daily to help control the blood sugar levelsof those with diabetes. It is indicated for the treatment of type 1 diabetes mellitus in adults, adolescents and children aged six years and above and type 2 diabetes mellitus in adults. Diabetes is recognised as the world's fastest growing chronic condition and is the biggest challenge confronting Australia's health system. The announcement was made before market hours today, 3 October 2019.
Meanwhile, the S&P BSE Sensex was down 258 points or 0.67% to 38,047.43.
On the BSE, 1.65 lakh shares were traded in the counter so far compared with average daily volumes of 1.86 lakh shares in the past two weeks. The stock hit a high of Rs 232.85 and a low of Rs 221.9 so far during the day.
The stock hit a 52-week high of Rs 345.98 on 01 Oct 2018. The stock hit a 52-week low of Rs 211.3 on 20 Aug 2019.
On a consolidated basis, Biocon's net profit rose 72.3% to Rs 206.30 crore on a 30.4% increase in net sales to Rs 1465.90 crore in Q1 June 2019 over Q1 June 2018.
Biocon is a fully integrated, innovation-led global bio-pharmaceuticals company.
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