The stock pared gains to touch a low of Rs 234 and finally ended flat at Rs 235. The counter witnessed trades of 568,549 shares as compared to the two-week daily average traded volumes of 233,973 shares.
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(Updated at 1202hrs)
Biocon has gained on partnership with Amylin Pharmaceuticals for global development and commercialization agreement for a Novel Peptide Hybrid.
The stock opened at Rs 240 and slipped to a low of Rs 236. Thereafter, it surged 4% to touch a high of Rs 244. The stock is now up 2% at Rs 239. In the process it is just 6% away from its 52 week high of Rs 255. However, it has zoomed over 174% from its 52 week low of Rs 87. Around 361,585 shares have been traded on the BSE so far.
The company has informed the BSE that it has entered into a partnership with Amylin Pharmaceuticals to jointly develop, commercialize and manufacture a novel peptide therapeutic for diabetes treatment. Both companies will collaborate to develop the drug and share development costs.
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