Biocon Limited enters into a commercialization agreement with Zentiva in Europe

Biocon Limited (BSE code: 532523, NSE: BIOCON), an innovation-led global biopharmaceutical company, has announced the signing of a semi-exclusive partnership agreement with Zentiva, a leading pharmaceutical company in Europe, for the commercialization of its vertically integrated, complex formulation, Liraglutide, a drug-device combination for the treatment and management of Type 2 diabetes and obesity.

Under the terms of this agreement Biocon will be responsible for the manufacturing and supply of Liraglutide to Zentiva, for its commercialization across 30 countries in Europe. Biocon will also retain the right to commercialize this product under its own brand in the region.

Zentiva has a strong legacy in branded generics across several therapeutic areas, including diabetes, cardiology, respiratory and oncology. With a committed focus on research and development, and four flagship manufacturing facilities in Bucharest, Prague and Ankleshwar, Zentiva is rapidly expanding its reach in Europe and beyond.

Siddharth Mittal, Chief Executive Officer and Managing Director, Biocon Ltd, said, "We are pleased to build upon our existing relationship with Zentiva for the commercialization of this complex drug product in the European markets. We look forward to leveraging our mutual strengths to achieve a common objective of creating affordable access to complex generic medicines."

Abhijit Zutshi, Global Commercial Head - Generic Formulations, Biocon Ltd, added. "This partnership will help Biocon to achieve its strategic objective of expanding its footprint in the European market, underpinning our commitment to providing high-quality, affordable medicines to patients around the globe."

Shares of Biocon Limited was last trading in BSE at Rs. 280.10 as compared to the previous close of Rs. 281.95. The total number of shares traded during the day was 506408 in over 1424 trades.

The stock hit an intraday high of Rs. 283.20 and intraday low of 279.50. The net turnover during the day was Rs. 142207360.00.

Source : Equity Bulls

Keywords

Biocon INE376G01013 SemiExclusivePartnershipAgreement Zentiva Liraglutide