Pick-up in biosimilar launches driving Biocon's prospects; stock rises 7.8%

As US launch of Insulin addresses a large market, improved visibility for more launches will keep sentiment elevated

The news of Biocon with its partner Mylan launching Semglee (insulin glargine injections) in the US market boosted Street sentiment. Biocon's stock gained 7.8 per cent on Tuesday adding to almost 49 per cent gains since March lows.

While the company had received US drug regulator’s approval for the launch of diabetes treatment product in vial and pre-filled pen forms during the month of June 2020, the launch was eagerly awaited looking at its large addressable market. The target market size is around $2.2 billion, which is divided between Sanofi’s Lantus and Eli Lilly/Boehringer Ingelheim’s Basaglar.

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