Biotechnology firm Biocon on Tuesday shot up by over eleven per cent to an all-time high of Rs 447.90 on the Bombay Stock Exchange, a day after it entered into a $ 350 million (Rs 1,550 crore) global deal with the US-based drug major Pfizer.
Buoyed by the move, the stock made a remarkable start, surging by 11.21 per cent to touch its lifetime high of Rs 447.90 at the BSE.
In a similar fashion, the Bangalore-headquartered firm zoomed by 10 per cent to trade at Rs 443.45 on the National Stock Exchange.
Over 47 lakh shares of the biotech major were traded on the stock exchanges in the morning trade.
Biocon and Pfizer have entered into a strategic global agreement for the worldwide commercialisation of Biocon's bio-similar versions of insulin and insulin analog products.
Bio-similar versions are official approved versions of innovator bio-pharmaceutical products made by a different sponsor after the patent expiry of the product.
Meanwhile, the BSE bellwether Sensex was quoting flat at 20,158.77, after opening the session with a gain of 163 points.