Biocon Ltd. has received approval from the Medicines and Healthcare Products Regulatory Agency (MHRA) UK for its complex formulation Liraglutide filed through its European partner, Zentiva. Liraglutide is a 6 mg / ml solution for injection in a pre-filled pen.
Liraglutide is a drug-device combination formulation used in the treatment of type 2 Diabetes Mellitus, a disorder in which the body does not produce enough or respond normally to insulin, causing blood sugar levels to be abnormally high.
Siddharth Mittal, Biocon's MD & CEO called this an important milestone and said that the focus will now be on commercialising this asset expeditiously in the UK, in partnership with Zentiva.
As per the IQVIA data for Q4 2023, the total addressable market opportunity for GLP-1 in diabetes and weight loss in the UK was $425 million.
Earlier this month, Biocon's subsidiary Biocon Biologics signed a long-term commercial collaboration with Eris Lifesciences to expand patient access to its portfolio of metabolic, oncology and critical care products in India.
The total transaction value was ₹1,242 crore, which represents an accretive multiple of 3.4 times of revenue and 18 times of EBITDA, the company said in an exchange filing.
Biocon Biologics' CEO also called this deal with Eris as 'enabling' and not 'restricting.'
“It does not prevent us from working with others but certainly these particular brands - Basalog and Insugen – that we have commercialised, would be exclusive to Eris Lifesciences,” CEO Shreehas Tambe said.
Shares of Biocon ended little changed on Wednesday at ₹256.95. The stock has risen 27% over the last 12 months.
(Edited by : Akanksha Upadhyay)
First Published: Mar 28, 2024 8:01 AM IST
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