Biocon shines on getting approval from MHRA, UK for complex formulation Liraglutide
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Biocon is currently trading at Rs. 260.55, up by 3.95 points or 1.54% from its previous closing of Rs. 256.60 on the BSE.
The scrip opened at Rs. 257.55 and has touched a high and low of Rs. 263.30 and Rs. 257.55 respectively. So far 65422 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 5 has touched a 52 week high of Rs. 307.00 on 06-Feb-2024 and a 52 week low of Rs. 199.30 on 29-Mar-2023.
Last one week high and low of the scrip stood at Rs. 263.30 and Rs. 248.90 respectively. The current market cap of the company is Rs. 30807.40 crore.
The promoters holding in the company stood at 60.64%, while Institutions and Non-Institutions held 21.06% and 18.30% respectively.
Biocon has received approval from the Medicines and Healthcare Products Regulatory Agency (MHRA), U.K., for its complex formulation Liraglutide (6mg/ml solution for injection in pre-filled pen), which was filed through its European partner, Zentiva.
Liraglutide is a drug-device combination formulation used in the treatment of Type 2 Diabetes Mellitus, a disorder in which the body does not produce enough or respond normally to insulin, causing blood sugar (glucose) levels to be abnormally high.
According to IQVIA MAT Q4 2023 the total addressable market opportunity for GLP-1 in diabetes and weight loss in U.K. was $425 million.
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.
