Biocon gains on plans to commercialise select speciality products with Tabuk Pharmaceuticals

Biocon rose 1.04% to Rs 363 after the company signed a deal with Tabuk Pharmaceuticals, a wholly-owned arm of Astra Industrial Group in the Middle East and North Africa (MENA) region, to commercialise select speciality products in the Middle East.

Under the terms of this agreement, Tabuk Pharmaceutical Manufacturing Company (Tabuk Pharmaceuticals) will hold the marketing authorization for these products and will be responsible to register, import, and promote them in Saudi Arabia and other Middle East countries.

The partnership will pave the way for Biocon's expansion into the MENA region to include Saudi Arabia, UAE, Kuwait, Qatar, Oman and Iraq, in addition to Jordan and Lebanon. As part of the out-licensing deal with Tabuk Pharmaceuticals, Biocon will develop and manufacture the products, and Tabuk Pharmaceuticals will commercialise them.

Biocon's consolidated net profit fell 18.3% to Rs 159.70 crore on a 5.2% increase in net sales to Rs 1,840.40 crore in Q2 September 2021 over Q2 September 2020.

Biocon is an innovation-led global biopharmaceuticals company committed to enhance affordable access to complex therapies for chronic conditions like diabetes, cancer and autoimmune.

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