Here's why Biocon shares were trading higher on the bourses on October 20

Biocon Share Price Today: Shares of pharmaceutical company Biocon were trading higher on the bourses on Monday, October 20, after the company announced an update on its subsidiary, Biocon Biologics. The company’s share price advanced 2 per cent to log an intraday high of ₹364.10 per share on the BSE during Monday’s trading session.

 

The company’s shares continued their northward move. As of 1:39 PM on Monday, the stock was trading at ₹362.95, up 1.94 per cent from its previous close of ₹365.05 per share on the NSE. During the trading session, nearly 1.36 million equity shares of Biocon, worth ₹48.4 crore, were exchanged on the BSE and NSE. The company’s market capitalisation stood at ₹48,518.41 crore on the NSE.

 

Biocon Biologics announces update on strategic collaboration

Biocon Biologics, a fully integrated global biosimilars company and a subsidiary of Biocon, announced the expansion of its strategic collaboration with Civica, Inc. (Civica) to include a new Insulin Glargine medicine. This initiative aims to benefit patients in the United States by increasing the supply of high-quality, affordable insulins, the company said in a release.

 

According to the release, the multi-year transformational agreement between Biocon Biologics and Civica creates an exclusive distributorship arrangement under which Biocon Biologics will manufacture and supply Insulin Glargine to Civica. Civica will commercialize the medicine under Biocon Biologics’ existing marketing approval through a private-label agreement. Civica will distribute, promote, and sell the medicine in the United States under a separate Civica label and trade dress. In California, the product will carry the CalRx brand.

 

Biocon Biologics will continue to directly commercialize its own Insulin Glargine-yfgn medicine, which was approved by the U.S. Food and Drug Administration (FDA) in July 2021 as the first interchangeable biosimilar, the company said.

 

Shreehas Tambe, CEO and Managing Director of Biocon Biologics Ltd, said “Biocon Biologics is committed to expanding access to affordable, high-quality insulins in the US and globally. By extending our collaboration with Civica, Inc. to include Insulin Glargine, we are building on our differentiated approach to serving and enhancing patient access—by retaining our direct commercialisation and through this strategic partnership. This collaboration enables us to reach underserved populations through new channels, in direct alignment with our mission.