Biocon inks pact with Medix to commercialize weight mgmt product

Biocon said that it has signed semi-exclusive distribution and supply agreement with Medix for the commercialization of its vertically integrated drug product, Liraglutide (gSaxenda), used in the treatment of chronic weight management.

Medix is a specialty pharmaceutical company in Mexico. It has been working for more than 70 years in developing solutions to address the overweight and obesity burden in a country where 70% of the population are dealing with the disease, to improve their quality of life.

Under the terms of this agreement, Biocon will undertake the responsibility of obtaining regulatory approval, manufacturing and supply of the drug product, and Medix will be responsible for its commercialization in the Mexican market.

As per the IQVIA MAT Q4 2023, the total addressable market opportunity of Liraglutide for obesity indication in Mexico is approximately US $37 million.

Siddharth Mitta, chief executive officer and managing director, Biocon, said, After being the first Company to obtain approval for gLiraglutide in an ICH country, we are pleased to collaborate with Medix to bring our vertically integrated gSaxenda to Mexico. The collaboration will enable patients in the region who are dealing with obesity to get affordable access to our product, and better manage the disease. Our efforts will be focused on working with Medix to enable the commercialization of this product expeditiously.

Carlos Abelleyra, chief executive officer, Medix, commented: According to the WHO, Mexico is the 2nd country with the highest prevalence of overweight and obesity worldwide. At Medix we continue to innovate with solutions to treat the burden of the disease, and its negative impact on the quality of life of people living with it. Our partnership with Biocon will bring quality and affordability into the pharmacological options for the physician, which supports our vision.

Biocon is an innovation led global biopharmaceuticals company, engaged in the production of therapies for chronic conditions like diabetes, cancer and autoimmune. It has developed and commercialized novel biologics, biosimilars, and complex small molecule APIs in India and several key global markets as well as Generic Formulations in the US, Europe & key emerging markets. It also has a pipeline of promising novel assets in immunotherapy under development.

The company reported consolidated net profit of Rs 660 crore in Q3 FY24 as compared with net loss of Rs 41.8 crore posted in Q3 FY23. Revenue from operations jumped 34.43% year on year (YoY) to Rs 3,953.7 crore in the quarter ended 31 December 2023.

The counter rose 1.72% to end at Rs 304 on Friday, 10 May 2024.

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