Biocon moves up on inking pact with Tabuk Pharmaceutical Manufacturing Company
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Biocon is currently trading at Rs. 374.15, up by 1.65 points or 0.44% from its previous closing of Rs. 372.50 on the BSE.
The scrip opened at Rs. 376.35 and has touched a high and low of Rs. 378.60 and Rs. 373.90 respectively. So far 36893 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 5 has touched a 52 week high of Rs. 395.65 on 17-Sep-2024 and a 52 week low of Rs. 217.50 on 31-Oct-2023.
Last one week high and low of the scrip stood at Rs. 381.85 and Rs. 363.70 respectively. The current market cap of the company is Rs. 44722.35 crore.
The promoters holding in the company stood at 60.64%, while Institutions and Non-Institutions held 20.20% and 19.17% respectively.
Biocon has signed a licensing and supply agreement with Tabuk Pharmaceutical Manufacturing Company (a fully-owned subsidiary of Astra Industrial Group), a leading pharmaceutical company in the Middle East and North Africa (MENA) region, to commercialize its GLP-1 products for treating diabetes and chronic weight management, in select countries of the Middle East.
Under the terms of this agreement, Biocon will develop and manufacture the products and Tabuk Pharmaceuticals will hold the marketing authorization rights, and be responsible to register, import, and promote them in the region. The agreement also provides for a provision to expand to other GLP products, as well as the option of a tech transfer that will enable localized manufacturing at a later stage.
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 patient's worldwide.
