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Biocon Ltd Is Up by 1.21%: Find Out Why?

04 March 20243 mins read by Angel One
Biocon's stock rose 1.21% on March 4, 2024, driven by positive developments in subsidiary Biocon Biologics.
Biocon Ltd Is Up by 1.21%: Find Out Why?
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On Monday, March 4, 2024, Biocon Ltd’s share price increased by 1.21%. It had closed at ₹276.85 per share on Saturday, March 2, 2024. The stock is currently trading around ₹280.2 per share.

On March 4, 2024, the share price of Biocon Ltd opened at ₹279.25, and later, at 10 AM, it touched ₹287. However, after that, the stock price has been fluctuating around ₹280. The reason the biopharmaceutical company Biocon Ltd is in focus is due to an interesting development in its subsidiary Biocon Biologics Ltd.

What Moved Biocon Share North?

Biocon Biologics Ltd, a globally integrated biosimilar company, has signed a settlement with Regeneron Pharmaceuticals, Inc. and Bayer Inc. As stated by the company in a filing with the exchange, this agreement paves the path for the entry of Yesafili, a suggested biosimilar to EYLEA® (aflibercept) Injection, into the Canadian market.

Biocon Biologics has also confirmed a launch date for Yesafili 2 mg NDS for vials and prefilled syringes (which are yet to be filed), scheduled to be no later than July 1, 2025. The company mentioned that Health Canada had given tentative approval for Yesafili 2 mg vials, subject to the resolution of any patent-related issues, in March 2023.

The agreement resolves multiple parallel patent infringement proceedings in the Federal Court of Canada, which involves 6 patents and associated judicial review proceedings under Canada’s Patented Medicines (Notice of Compliance) Regulations. The company also informed the stock exchanges that this addresses pre-entry pharmaceutical patent litigation.

Yesafili is a drug that is designed to acknowledge a range of ophthalmic conditions, such as neovascular age-related macular degeneration, Diabetic Macular Edema (DME), myopic Choroidal Neovascularisation (myopic CNV) and visual impairment due to macular oedema secondary to Retinal Vein Occlusion (branch or central RVO). Yesafili is a registered trademark of Biocon Biologics Ltd.

In November 2023, Biocon Biologics Ltd got marketing authorisation approval from the UK’s Medicines and Healthcare Products Regulatory Agency for Yesafili. The company said that with its aflibercept (medication) brand sales touching $790 million in the UK, the approval of Yesafili unlocks new routes for Biocon Biologics.

About Biocon Ltd

Biocon Ltd is a biopharmaceutical company that was incorporated in 1978. The company is engaged in the manufacture of pharmaceuticals, botanical and medicinal chemical products. Along with the Indian markets, the company serves more than 120 countries in the world. The company ended FY 2023 with a revenue run rate of USD 1 billion.

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