Biocon moves higher after regulatory nod for insulin Glargine in Japan

Biocon rose 1.21% to Rs 469.30 at 14:48 IST on BSE after the company said that the Ministry of Health, Labour and Welfare of Japan has approved its biosimilar insulin Glargine.

The announcement was made during market hours today, 28 March 2016.

Meanwhile, the S&P BSE Sensex was down 387.97 points or 1.53% at 24,949.59.

On BSE, so far 54,000 shares were traded in the counter as against average daily volume of 80,573 shares in the past one quarter. The stock hit a high of Rs 473.50 and a low of Rs 463.30 so far during the day. The stock had hit a 52-week high of Rs 544 on 5 January 2016. The stock had hit a 52-week low of Rs 396.50 on 25 August 2015. The stock had underperformed the market over the past one month till 23 March 2016, declining 1.81% compared with the Sensex's 8.23% rise. The scrip had also underperformed the market in past one quarter, sliding 3.75% as against Sensex's 1.98% fall.

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

The approval from Japan for Biocon's insulin Glargine is a significant achievement for the company and its commercial partner, FUJIFILM Pharma Co. Ltd (FFP) as it endorses its endeavor to bring high quality, yet affordable, world class products to diabetes patients in Japan, Biocon said in a statement. The product is expected to be launched in Q1 June 2016. It aims to capture a significant share of the Japanese Glargine market of about $144 million, which is the second largest market outside of North America & Europe and is largely dominated by disposable pens, Biocon said.

On consolidated basis, Biocon's net profit rose 13.3% to Rs 103 crore on 8.8% growth in net sales to Rs 828.20 crore in Q3 December 2015 over Q3 December 2014.

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

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