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Biocon Shares Gain Over 2% On Partnering With Libbs Farmaceutica
Biocon Pharma Limited, a wholly-owned subsidiary of Biocon Limited, has announced a collaboration with Libbs Farmaceutica, a leading pharmaceuticals company in Brazil, to launch generic drugs in the world's sixth most populous region.
At 10 am IST, Biocon was seen trading at Rs 404.65, up Rs 9.40, or 2.38%. It has touched an intraday high of Rs 406.
This collaboration, which marks Biocon's first foray into Latin America with generic formulations, builds on a successful partnership with Libbs, which started in 2017 with the launch of the biosimilar Trastuzumab in Brazil.
Siddharth Mittal, Chief Executive Officer and Managing Director, Biocon Ltd, said, "Expanding our association with Libbs Farmaceutica, a trusted partner, to our generic formulations, will help us establish a firm footing in Latin America, starting with Brazil. We remain committed to expanding our global presence with high quality and affordable medicines and invest in strengthening capabilities that enable us to serve patients globally.
In another recent announcement, the company said it has incorporated a wholly-owned subsidiary company "Biofusion Therapeutics Limited" on March 18, 2021. Syngene International Limited (Syngene), a publicly listed subsidiary of Biocon.
Kiran Mazumdar-Shaw founded Biocon Limited, an Indian biopharmaceutical company based in Bangalore, India. The company produces generic active pharmaceutical ingredients (APIs), which are sold in over 120 countries worldwide.
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