Biocon hits a record high of Rs 564, up 4% on the National Stock Exchange (NSE), after the company entered into a global partnership with Sandoz to develop, manufacture and commercialise multiple biosimilars in immunology and oncology. Sandoz is a Novartis division and a global leader in biosimilars. “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,” Biocon said in a press release. 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)), it added. At 11:41 AM; the stock was up 4% at Rs 561 on NSE.
The trading volumes on the counter more than doubled with a combined 3.44 million shares changed hands on BSE and NSE so far.