Biocon rose 1.17% to Rs 267.20 after the company has received an approval from the Medicines and Healthcare Products Regulatory Agency (MHRA), U.K., for its complex formulation Liraglutide (gSaxenda).
The said approval has received through its European partner, Zentiva.Liraglutide (gSaxenda) (6mg/ml solution for injection in pre-filled pen), used in the treatment of weight management as an adjunct to a reduced-calorie diet and increased physical activity.
Earlier, the company has received approval from MHRA for Liraglutide (gVicotza), used in the treatment of Type 2 Diabetes Mellitus, filed through Zentiva.
Biocon is an innovation led global biopharmaceuticals company, engaged in the production of therapies for chronic conditions like diabetes, cancer and autoimmune. It has developed and commercialized novel biologics, biosimilars, and complex small molecule APIs in India and several key global markets as well as Generic Formulations in the US, Europe & key emerging markets. It also has a pipeline of promising novel assets in immunotherapy under development.
The company had reported consolidated net profit of Rs 660 crore in Q3 FY24 as compared with net loss of Rs 41.8 crore posted in Q3 FY23. Revenue from operations jumped 34.43% year on year (YoY) to Rs 3,953.7 crore in the quarter ended 31 December 2023.
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