Biocon rises 3% as co enters Brazilian generic formulation market

Biocon rises 3% as co enters Brazilian generic formulation market

NEW DELHI: Shares of rose 3 per cent in Tuesday’s trade after the biopharmaceutical company‘s wholly owned arm signed a partnership with Brazil’s Libbs Farmaceutica to launch generic drugs in the world’s sixth most populous country.

In a filing to BSE on Sunday, Biocon said” “This partnership, which marks the entry of Biocon’s generic formulations into Latin America, builds upon a successful association with Libbs, which began in 2017 to launch biosimilar Trastuzumab in Brazil. It reflects Biocon’s commitment to make affordable healthcare accessible for patients the world over, by establishing a strong global presence for its formulations portfolio, either directly or through strategic partnerships.”

Following the development, the scrip rose 2.72 per cent to hit a high of Rs 406 on BSE.

“As part of the out-licensing deal with Libbs, Biocon Pharma will be responsible for drug development and manufacturing, while Libbs will leverage its deep expertise and reach in Brazil to import, distribute and market, subject to approvals from the Brazilian health regulatory agency, ANVISA,” the company said.

Chief Executive Officer and Managing Director, Siddharth Mittal, Biocon Ltd, said the association with Libbs Farmaceutica will help his company establish a firm footing in Latin America, starting with Brazil. He said his company is committed to expanding global presence.

The move is seen forward integrating Biocon’s Portfolio of complex and differentiated APIs into finished dosages. “The resultant quality, safety and cost advantages, coupled with reliability of supply, give us a distinct competitive edge as we enter new markets,” the company said.

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