Biocon jumps after biopharma firm inks deal with Brazil-based Biomm SA

Biocon Share Price: Biocon rose by over 3.75 per cent on BSE on Thursday (April 18, 2024) after the company signed an exclusive licensing agreement with Biomm SA. 

The stock that began its journey on Thursday at Rs 272.25 touched the day's high of Rs 273.00, a 3.76 per cent rise from its previous close of Rs 263.10.

Biocon shares were trading higher by 2.41 per cent, or Rs 6.35, at Rs 269.45 each at 11:09 am on Thursday.

Biocon's new agreement 

Biocon said that it had signed "an exclusive licensing and supply agreement with Biomm S.A., a specialty pharmaceutical company in Brazil, for the commercialisation 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, the company said in a statement on Wednesday.

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, said Biocon.