Biocon share rises 4% as arm gets Japan's PMDA approval for Psoriasis drug

The rise in Biocon stock was also fuelled after Jefferies upgraded the stock to 'Buy', and raised the target to Rs 400

Biocon share price: Pharmaceutical behemoth Biocon share price was buzzing in trade on Tuesday, January 7, 2025, as the scrip rose up to 4.44 per cent to hit an intraday high of Rs 374.55 per share. 

 

The northward move in the Biocon share price came on the back of two positive developments. 

 

The first major catalyst came from Biocon’s subsidiary, Biocon Biologics, which announced an approval from Japan's Pharmaceuticals and Medical Devices Agency (PMDA). The regulatory body gave the green light to Ustekinumab BS, a subcutaneous biosimilar injection to Stelara, marking a key breakthrough for the company. 

 

The biosimilar, designed to treat Psoriasis Vulgaris and Psoriatic Arthritis (PsA), was developed and manufactured in-house and will be exclusively marketed in Japan by Yoshindo Inc., Biocon’s commercial partner.

 

 

Secondly, the company received a major rating and price target update from the New York-based financial services company Jefferies, according to reports. The brokerage upgraded Biocon to ‘Buy’, and also raised the target to Rs 400. The new target price reflects an upside of 11.54 per cent from the previous close (January 6) of Rs 358.60.

 

About Biocon

 

Biocon is among the leading global biotechnology companies, focused on manufacturing innovative biotechnology products and providing research services. The company operates through several business segments, including Biosimilars, Research Services, Generics, and Novel Biologics. 

 

Biocon Biologics, its biosimilars arm, holds a portfolio of 20 biosimilars spanning across critical therapeutic areas such as oncology, immunology, and diabetes, with significant market share in advanced markets. The company also has a robust pipeline of over 20 molecules expected to be launched by 2030. 

 

Syngene, its research services arm, is an independent entity that offers comprehensive discovery, development, and manufacturing services to various industries, including pharmaceuticals, biotechnology, and consumer goods.

 

The company’s generics division specialises in the manufacture of active pharmaceutical ingredients (APIs) with an extensive portfolio of over 50 products, including high-potency molecules. Biocon has made strides in novel biologics, with the introduction of India’s first indigenously produced monoclonal antibody, Nimotuzumab, and Itolizumab for treating psoriasis. 

 

The company continues to expand its manufacturing capacity globally, including a recent acquisition of a US oral solid dosage facility and a biologics manufacturing facility through Syngene. 

 

Biocon share price history

 

Biocon shares have gained about 2 per cent in the last 5 days. The scrip has surged nearly 33 per cent in the past year.

 

The market capitalisation of Biocon is Rs 44,692.34 crore, according to BSE. The company falls under the BSE 200 category.

 

At 9:46 AM, Biocon shares were trading 3.85 per cent higher at Rs 372.40 per share. By comparison, BSE Sensex was trading 0.53 per cent higher at 78,375.77 levels.