Biocon Limited (BSE code: 532523, NSE: BIOCON), an innovation-led global biopharmaceutical company, has announced the signing of an exclusive licensing and supply agreement with Biomm S.A., a specialty pharmaceutical company in Brazil, for the commercialization of its vertically integrated drug product, Semaglutide (gOzempic), which is used to improve glycemic control in adults with type-2 diabetes.
Under the terms of this agreement, Biocon will undertake the development, manufacturing and supply of the drug product, and Biomm will be responsible for obtaining regulatory approval and commercialization in the Brazilian market.
Biomm is Brazil's first and only biotechnology focused company, providing high quality healthcare to patients with chronic conditions and enhancing access to the latest technologies and treatments. The Company focuses on developing, manufacturing and commercializing complex biotech and biosimilar drug products at their state-of-the-art production facility in Nova Lima.
Siddharth Mittal, Chief Executive Officer and Managing Director, Biocon Ltd, said, "Our partnership with Biomm marks another important step forward in our strategy to expand our global footprint beyond the U.S. and Europe for Peptides. This is also in line with our growth strategy of bringing to market a portfolio of complex, GLP-1 drug-device combination products. We are confident that our collaboration with Biomm will provide patients in Brazil, who are living with diabetes, much needed access to advanced, high quality treatment options to help them manage the disease better."
Heraldo Marchezini, Chief Executive Officer, Biomm, commented: "Brazil is the fifth country in the world with the highest incidence of diabetes, having 16.8 million adults in the age group of 20 to 79 years with the disease, and an estimated 21.5 million cases by 2030, according to the Diabetes Atlas of the International Diabetes Federation (IDF). We have, therefore, prioritized strategic partnerships to expand the population's access to advanced treatments for this disease and enhance the quality of life for people".
The total addressable market opportunity of Semaglutide in Brazil is approximately US $580 million as per the IQVIA MAT Q4 2023.
Shares of Biocon Limited was last trading in BSE at Rs. 261.70 as compared to the previous close of Rs. 267.30. The total number of shares traded during the day was 346632 in over 5178 trades.
The stock hit an intraday high of Rs. 265.50 and intraday low of 260.00. The net turnover during the day was Rs. 91054156.00. |
