Biocon gains after getting approval for insulin Glargine in Mexico

Biocon rose 2.76% to Rs 481.85 at 09:26 IST on BSE after the company said that its Insulin Glargine has been approved by the Mexican health authority.

The announcement was made after market hours yesterday, 9 April 2015.

Meanwhile, the BSE Sensex was down 39.70 points, or 0.14%, to 28,845.51

On BSE, so far 47,435 shares were traded in the counter, compared with an average volume of 94,306 shares in the past one quarter.

The stock hit a high of Rs 483 and a low of Rs 477 so far during the day. The stock hit a record high of Rs 553.70 on 4 July 2014. The stock hit a 52-week low of Rs 402.45 on 7 January 2015.

The mid-cap company has an equity capital of Rs 100 crore. Face value per share is Rs 5.

Biocon announced yesterday, 9 April 2015 that its Insulin Glargine has been approved by COFEPRIS, the Mexican health authority, through its partner PiSA Farmaceutica (PiSA).

Biocon said that Mexico has been a very important market for the company since 2006, where it has been playing a significant role in enabling access to affordable rh-Insulin. Insulin Glargine will augment the affordable insulins therapy for diabetes management. 'GALACTUS' by PiSA is the first Insulin Glargine to be approved in Mexico as per the biocomparable approvals pathway defined in 2012, Biocon said.

Biocon is recognized as Asia's largest insulins producer and has been committed to affordable diabetes management through rh-Insulin (Insugen) and Insulin Glargine (Basalog) in India and several emerging markets. The company currently has marketing approvals in over 60 countries for rh-Insulin and in over 20 countries for Insulin Glargine, it added.

Biocon's consolidated net profit fell 13.4% to Rs 90.93 crore on 8.3% rise in total income to Rs 778.99 crore in Q3 December 2014 over Q3 December 2013.

Biocon is India's largest and fully-integrated, innovation-led biopharmaceutical company.

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