Shares of Biocon surged nearly 2% in the opening trading session of March 28, Thursday, following the company’s receipt of approval from the UK Healthcare Department for its diabetes drug, Liraglutide.
According to the company, Biocon is the first generics company to obtain approval for the diabetes drug Liraglutide in the U.K.
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 insulin or respond normally to it, leading to abnormally high blood sugar (glucose) levels.
Siddharth Mittal, Chief Executive Officer and Managing Director, Biocon Ltd, said:
The approval of Liraglutide, a vertically integrated product, is an important milestone for us. Being the first generic Liraglutide approved in a major regulated/ICH market, it strengthens our leadership in delivering many ‘firsts’ on complex drug products such as bTrastuzumab, bPegfilgrastim, and the first interchangeable biosimilar Insulin Glargine, approved by the U.S. FDA. The approval is also testament to the Company’s strong focus on GLPs and peptides as important future growth drivers for the generics business. Our efforts will now be directed towards commercializing this asset expeditiously in the U.K., in partnership with Zentiva.
As of 9:35 am the shares were trading 1.81% higher at ₹261.25 on NSE.
About Biocon Limited:
Biocon Limited, which went public in 2004 (BSE code: 532523, NSE Id: BIOCON, ISIN Id: INE376G01013), is an innovation-led global biopharmaceuticals company committed to enhancing affordable access to complex therapies for chronic conditions such as diabetes, cancer, and autoimmune disorders. The company has developed and commercialized novel biologics, biosimilars, and complex small molecule APIs in India and several key global markets. It also manufactures Generic Formulations in the US, Europe, and other key emerging markets.
