Biocon Biologics Ltd (BBL), a fully integrated biosimilars company and subsidiary of Biocon Ltd (BSE code: 532523, NSE: BIOCON), today announced a five-year partnership with Sandoz AG ('Sandoz') which provides Sandoz the exclusive rights to promote, sell and distribute biosimilar Trastuzumab (market value of AUD$35 million1) and biosimilar Bevacizumab (market value of AUD$45 million2) in Australia.
Under the agreement, Sandoz will distribute the Biocon Biologics' brands, OGIVRI® (bTrastuzumab) and ABEVMY® (bBevacizumab), and facilitate the sustained access of these medications that were previously distributed by another pharmaceutical company to patients in Australia. Trastuzumab is a biosimilar of Herceptin® and Bevacizumab is a biosimilar of Avastin®3 - both biosimilars are available on the PBS and utilised for the treatment of various cancers.
The agreement is effective from January 1, 2024 and commercialisation commenced on February 1, 2024.
Matt Erick, Chief Commercial Officer of Advanced Markets, Biocon Biologics Ltd, said: "Following the recent establishment of our strategic partnership with Sandoz in Japan, our agreement with Sandoz in Australia marks another important milestone of our global partnership and growth strategy. This relationship is also a crucial step for patients in Australia, ensuring continued access to high-quality, affordable biosimilar medicines used in oncology."
Shares of Biocon Limited was last trading in BSE at Rs. 273.60 as compared to the previous close of Rs. 284.45. The total number of shares traded during the day was 885650 in over 13444 trades.
The stock hit an intraday high of Rs. 291.15 and intraday low of 271.50. The net turnover during the day was Rs. 246846473.00. |
