Biocon Limited (BSE code: 532523, NSE: BIOCON), an innovation-led global biopharmaceutical company, today announced the signing of a partnership agreement with Juno Pharmaceuticals, a specialty pharmaceutical company in Canada, 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 obtaining regulatory approval for Liraglutide, and thereafter, for the manufacture and supply of the product in the Canadian market.
Juno is one of the fastest growing pharmaceutical companies in Canada that specializes in high-value generic, complex, biosimilar and other medicines of scarcity, to advance the quality of healthcare in the region. They are the country's largest Canadian owned manufacturers of injectable medications, with a focus on supplying critical hospital medicines, in addition to medicines sold at retail pharmacies. Juno's mission is to ensure that patients have access to cost-effective and efficacious treatments.
Siddharth Mittal, Chief Executive Officer and Managing Director, Biocon Ltd, said, "We are pleased to partner with Juno Pharmaceuticals for the commercialization of this complex drug product in the Canadian market. The partnership will provide impetus to our strategic focus on geographical expansion, as well as our stated purpose of delivering much-needed medicines to more patients around the world."
Mark Mantel, Chief Executive Officer, Juno Pharmaceuticals, commented, "Our partnership with Biocon is a significant step in our commitment to provide Canadians with high-quality, affordable medications. We are dedicated to ensuring access to more complex medicines for our patients. Biocon's global leadership in this area excites us and we look forward to more partnerships in the future. Juno remains committed to improving healthcare affordability and innovation for all Canadians through this collaboration."
The total addressable market opportunity of Liraglutide in Canada is approximately US $100 million as per the IQVIA MAT Q2 2023.
Shares of Biocon Limited was last trading in BSE at Rs. 264.65 as compared to the previous close of Rs. 263.60. The total number of shares traded during the day was 57551 in over 1489 trades.
The stock hit an intraday high of Rs. 265.45 and intraday low of 262.50. The net turnover during the day was Rs. 15219617.00.