Biocon heads higher after getting positive CHMP opinion for product

Biocon rose 1.62% to Rs 624.75 at 14:40 IST on BSE after the company said that European Medicines Agency's Committee for Medicinal Products for Human Use has issued a positive opinion recommending approval of Semglee, insulin glargine.

The announcement was made after market hours yesterday, 29 January 2018.

Meanwhile, the S&P BSE Sensex was down 248.44 points or 0.68% at 36,034.81.

On the BSE, 3.48 lakh shares were traded on the counter so far as against average daily volumes of 4.84 lakh shares in the past two weeks. The stock had hit a high of Rs 634.45 and a low of Rs 608.15 so far during the day. The stock had hit a record high of Rs 657.75 on 24 January 2018 and a 52-week low of Rs 294.71 on 25 May 2017.

Mylan N.V. and Biocon announced that the European Medicines Agency's Committee for Medicinal Products for Human Use (CHMP) has issued a positive opinion recommending approval of Semglee, insulin glargine, a long-acting insulin analog used in the treatment of diabetes mellitus in adults, adolescents and children aged 2 years and above.

The CHMP positive opinion will be considered by the European Commission. The European Commission decision on the approval is expected in April.

Biocon and Mylan are exclusive partners on a broad portfolio of biosimilars and insulin analogs. Glargine is one of the three insulin analogs being co-developed by Mylan and Biocon for the global marketplace.

Mylan has exclusive commercialization rights for insulin glargine in the US, Canada, Australia, New Zealand, the European Union and European Free Trade Association countries. Biocon has exclusive rights for Japan and a few emerging markets, and co-exclusive commercialization rights with Mylan in the rest of the world.

Mylan is a global pharmaceutical company committed to setting new standards in healthcare.

Biocon's consolidated net profit fell 46.4% to Rs 91.90 crore on 2% growth in net sales to Rs 1057.90 crore in Q3 December 2017 over Q3 December 2016.

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

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