Investors on Tuesday gave thumbs up to pharma major Biocon’s deal with Pfizer, as shares of India’s largest biotechnology company by revenue jumped by around 16 per cent to touch an all-time high of Rs 465 on the Bombay Stock Exchange. It closed with a gain of 13 per cent at R455.
The Bangalore-based company on Monday announced its strategic agreement with Pfizer, where the latter will do global commercialisation of Biocon’s biosimilar versions of insulin and insulin analog products.
Under the agreement, Biocon will get an upfront payment of $200 million (Rs 900 crore) and will also receive additional development and regulatory payments of $150 million (Rs 660 crore) along with payments linked to Pfizer’s sale of its four insulin biosimilar products.
“Pfizer brings brand strength and a vast and unrivalled global marketing network that will enable Biocon to realise its objective of seeing its insulin portfolio have a worldwide presence,” said Kiran Mazumdar-Shaw, CMD, Biocon.