Biocon shares rises after announcing licensing agreement with Handok

Biocon shares jumped after the company announced an exclusive licensing and supply agreement with South Korea-based Handok for the commercialization of its complex drug product, Synthetic Liraglutide.

Liraglutide is an injection in a pre-filled pen, used for chronic weight management as an adjunct to a reduced-calorie diet and increased physical activity.

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Under the terms of this agreement, Biocon will handle the development, manufacturing, and supply of the drug product. Handok will be responsible for obtaining regulatory approval and commercialization in the South Korean market.

Handok is one of Korea’s leading companies in diabetes management, offering a range of solutions from diagnosis to treatment and care. The company’s diabetic portfolio includes products such as Amaryl, Tenelia, and the recently launched Barozen Fit, a real-time glucose monitoring device.

The total addressable market opportunity for Liraglutide in Korea is approximately US $47 million, according to IQVIA MAT Q4 2023.

Siddharth Mittal, CEO and Managing Director of Biocon, said, “We are pleased to enter into this strategic partnership with Handok, which will enable patients in South Korea dealing with weight management to gain access to our GLP-1 peptide drug product, Synthetic Liraglutide.”

“This also aligns with our commitment to expand our portfolio of innovative, affordable medicines to address the unmet needs of patients around the world. We look forward to leveraging Handok’s strong capabilities to help patients in the region better manage their disease.”

As of 10:47 AM, the shares of Biocon were trading at ₹327.35.