Biocon's scrip today gained nearly 6 per cent after the company announced a global partnership with Sandoz, a Novartis division, to develop, manufacture and commercialise multiple biosimilars in immunology and oncology for patients worldwide.
The stock jumped 5.61 per cent to end at Rs 569.85 on BSE. During the day, it rose by 6.61 per cent to Rs 575.30 -- its 52-week high.
On NSE, shares of the company went up by 5.51 per cent to close at Rs 569.35.
In terms of equity volume, 8.72 lakh shares of the company were traded on BSE and over 87 lakh shares changed hands on NSE during the day.
Under the terms of the agreement, both companies will share responsibility for end-to-end development, manufacturing and global regulatory approvals for a number of products and will have a cost and profit share arrangement globally, Biocon said in a statement yesterday.
Worldwide commercialisation responsibilities will be divided and each company's strengths will be leveraged within specific geographies, it added.
Sandoz will lead commercialisation in North America (US and Canada) and the EU including European Free Trade Association and Balkan states, while Biocon will lead commercialisation in rest of the world including India, Russia and Commonwealth of Independent States (CIS), Biocon said.
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