Biocon rises as its arm enters into strategic collaboration agreement with Civica
Biocon is currently trading at Rs. 337.25, up by 4.15 points or 1.25% from its previous closing of Rs. 333.10 on the BSE.
The scrip opened at Rs. 337.95 and has touched a high and low of Rs. 338.75 and Rs. 334.65 respectively. So far 43957 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 5 has touched a 52 week high of Rs. 404.60 on 21-Jan-2025 and a 52 week low of Rs. 244.40 on 20-Mar-2024.
Last one week high and low of the scrip stood at Rs. 338.75 and Rs. 290.80 respectively. The current market cap of the company is Rs. 40400.19 crore.
The promoters holding in the company stood at 60.64%, while Institutions and Non-Institutions held 21.02% and 18.34% respectively.
Biocon’s subsidiary -- Biocon Biologics (BBL) and Civica, Inc. (Civica), a not-for-profit generic drug and pharmaceutical company founded in 2018 to address and resolve life-saving drug shortages and affordability, have entered into a strategic collaboration agreement to expand access and affordability of Insulin Aspart in the United States.
Under the terms of the agreement, Biocon Biologics will supply Insulin Aspart drug substance to Civica, Inc., who will use the drug substance to produce Insulin Aspart drug product, a rapid-acting insulin analog, at its manufacturing facility in Petersburg, Virginia. Civica will commercialize the medicine for patients in the United States, after completion of development work and clinical trials. No technology transfer is involved in the agreement.
This collaboration is in addition to Biocon Biologics’ own Insulin Aspart Drug Product for the United States which is currently under U.S. Food and Drug Administration (FDA) review. There are 38.4 million people with diabetes in the United States, around 11.6 percent of the total population, with nearly a quarter being undiagnosed. An additional 97.6 million Americans have been identified as prediabetic.
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.
