Shares of Biocon surged over 2% after the Indian biotechnology company, disclosed its exclusive license and supply agreement on April 18 with Brazil’s Biomm SA to distribute its diabetes drug, Ozempic, in Brazil. This medication is known in India as Semaglutide, the analogue to Ozempic.
According to the statement of Biocon, Biomm SA is Biocon’s partner not only in marketing Semaglutide in Brazil but also in producing this medication in a facility located in Nova Lima.
The financing data were not disclosed, and this partnership involves no exchange of money. In this case, the two organizations signed a contract based on contributions such as Product and Research & Development.
This agreement is part of Biocon’s strategy to globalize its products as no multidisciplinary company can reach success in the world by producing products in one region and marketing them in another.
Siddharth Mittal, Biocon’s CEO and Managing Director, highlighted the significance of this contract in terms of expanding this organization’s presence in the international market.
As of 10.00 a.m., shares of Biocon were 2.48% up at ₹270.30.