Biocon rose 2.53% to Rs 344.70 at 14:12 IST on BSE after the company on 10 August 2013, announced the launch of its first in class novel biologic ALZUMAb, to be introduced for treating patients with chronic plaque psoriasis, in India.
The announcement was made on Saturday, 10 August 2013.
Meanwhile, the S&P BSE Sensex was up 247.72 points or 1.32% at 19,037.06.
On BSE, 1.31 lakh shares were traded in the counter as against average daily volume of 59,600 shares in the past one quarter.
The stock hit a high of Rs 350.50 so far during the day, which is a 52-week high for the counter. The stock hit a low of Rs 340 so far during the day. The stock had hit a 52-week low of Rs 237.65 on 13 August 2012.
The stock had outperformed the market over the past one month till 8 August 2013, surging 18.38% compared with the Sensex's 2.77% fall. The scrip had also outperformed the market in past one quarter, jumping 18.23% as against Sensex's 6.01% fall.
The mid-cap company has equity capital of Rs 100 crore. Face value per share is Rs 5.
Biocon said that ALZUMA with a unique Mechanism of Action (MOA) offers superior safety and similar efficacy profile compared to other existing therapies, and has a long remission period with very low opportunistic infection rate. Psoriasis is a socially debilitating disease affecting 2-3% of world population. The global Psoriasis market size is estimated to cross $8 billion by 2016, Biocon said.
Commenting on the development Ms. Kiran Mazumdar-Shaw, Chairperson and Managing Director, Biocon said, "Biocon's ALZUMAb (Itolizumab) is the first anti-CD6 monoclonal antibody to be commercialized, an outcome of path breaking research in India .This new line of treatment will usher in a paradigm shift in the management of psoriasis. We are proud that this will be the first instance of a breakthrough innovation from India with a potential to treat multiple autoimmune diseases and making a difference to a much larger patient population across the world."
Mr. Rakesh Bamzai, President-Marketing, Biocon said: "Biocon is committed to address the huge unmet need of patients suffering from Psoriasis through its 'first in class' biologic ALZUMAb. Compared to existing therapies, ALZUMAb offers a better safety and efficacy profile to the patients with longer remission periods and lower infection rates that will lead to better patient compliance and overall reduction in the cost burden to the patient."
Indicated for the treatment of Moderate-to-Severe Psoriasis, ALZUMAb is being introduced in India by Biocon's Immunotherapy Division. Formulated as an infusion drug, it is manufactured at Biocon's Biopharma manufacturing facility at Biocon Park in Bangalore.
Biocon's consolidated net profit rose 18.7% to Rs 93.50 crore on 21.7% growth in net sales to Rs 694.76 crore in Q1 June 2013 over Q1 June 2012.
Established in 1978, Biocon is India's largest and Asia's leading biotechnology company with a strategic focus on biopharmaceuticals and research services. It is a fully integrated, innovation-driven biopharma enterprise offering affordable solutions for chronic diseases to patients worldwide.
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