Biocon at 52-wk low after deal break-off with Pfizer

Biocon Limited has plunged 11% to Rs 238 after the US drugmaker, Pfizer, scrapped a deal to sell insulin products made by the company in the US.

“Biocon and Pfizer announced the conclusion of their alliance to commercialize Biocon’s biosimilar versions of Insulin and Insulin analog products. The companies have agreed that due to the individual priorities for their respective biosimilars businesses, it is in their best interest to move forward independently," Biocon said in a filing to the stock exchanges.

As of March 12, 2012, all rights licensed to Pfizer will revert to Biocon, and all insulin distributed under the brand name UniviaTM and GlarviaTM will be commercially available from Biocon Ltd. only, and will be exclusively manufactured, supplied, marketed and supported by Biocon, it added.

As many as a combined 968,085 shares have changed hands on the counter on morning deals, against an average less than 500,000 shares that were traded daily in past two weeks on the NSE and BSE.

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Pfizer scraps insulin deal with Biocon