Biocon surged 4.37% to Rs 563.20 at 10:53 IST on BSE after the company entered into a global partnership with Sandoz to develop, manufacture and commercialise multiple biosimilars in immunology and oncology.
The announcement was made after market hours yesterday, 18 January 2018.Meanwhile, the S&P BSE Sensex was up 143.99 points, or 0.41% to 35,404.28.
On the BSE, 2.66 lakh shares were traded in the counter so far, compared with average daily volumes of 3.34 lakh shares in the past one quarter. The stock had hit a high of Rs 563.50 and a low of Rs 545.35 so far during the day. The stock had hit a record high of Rs 563.60 on 8 January 2018. The stock had hit a 52-week low of Rs 295 on 25 May 2017.
The stock had outperformed the market over the past 30 days till 18 January 2018, rising 4.4% compared with 4.39% rise in the Sensex.
The scrip had also outperformed the market in past one quarter, gaining 41.57% as against Sensex's 8.86% rise. The scrip had also outperformed the market in past one year, surging 63.27% as against Sensex's 29.12% rise.
The large-cap company has equity capital of Rs 300 crore. Face value per share is Rs 5.
Biocon and Sandoz announced a global partnership to develop, manufacture and commercialize multiple biosimilars in immunology and oncology for patients worldwide. Under the terms of the agreement, both companies will share responsibility for end-to-end development, manufacturing and global regulatory approvals for a number of products and will have a cost and profit share arrangement globally.
Worldwide commercialization responsibilities will be divided and each company's strengths will be leveraged within specific geographies. Sandoz will lead commercialization in North America (US and Canada) and the EU (including European Free Trade Association (EFTA) and Balkan states) while Biocon will lead commercialization in Rest of the World (including India, Russia and Commonwealth of Independent States (CIS)).
Biocon Chairperson & Managing Director Kiran Mazumdar-Shaw said that this synergistic partnership will enable the company to scale up capabilities for an end to end play in the global biosimilars space.
Biocon's consolidated net profit fell 53.1% to Rs 68.80 crore on 2.4% increase in net sales to Rs 968.60 crore in Q2 September 2017 over Q2 September 2016.
Biocon is India's largest and fully-integrated, innovation-led biopharmaceutical company.
Powered by Capital Market - Live News
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)