Biocon shares ascend 5% as company receives approval for diabetes drug in EU

2 min read | Updated on December 24, 2024, 15:36 IST

SUMMARY

Biocon Ltd was trading at a day high of ₹345.85 after the company and its European partner, Zentiva received a decentralised procedure approval for their complex formulation, Liraglutide in the European Union.

Biocon Ltd. hit its 52-week high of ₹395.80 on September 17, 2024

Shares of Biocon Ltd were trading at an intraday high of ₹345.85, climbing 4.95% on the NSE on Tuesday after the company and its European partner, Zentiva, received a decentralised procedure approval in the European Union for their complex formulation, Liraglutide.

The approval is for the generic version of Victorza to treat Type-2 Diabetes and Saxeda, which is used in weight loss and diabetes treatment, the company said in a regulatory filing dated December 24.

“This is to inform you that the Company and its European partner, Zentiva, have received a Decentralized Procedure (DCP) approval for its complex formulation, Liraglutide, in the European Union (EU). The approval is for the generic versions of Victoza to treat Type-2 Diabetes and Saxenda used in the treatment of weight management,” the pharmaceutical said.

Victoza and Saxenda are registered trademarks of Novo Nordisk.

The decentralised procedure allows a pharma major to submit a drug application for review to a single “reference member state” which then coordinates the process with other member states. This results in the approval of the medicine in more than one EU state in parallel.

It can be used for medicines that do not need to be authorised via the centralised procedure and have not already been authorised in any member state, as per the European Medicines Agency.

Biocon past performance

The stock closed in the green at ₹343.15, up 4.13% on the National Stock Exchange (NSE).

While the company slumped 2.18% over the past five days, it gained 2.60% over the past month.

Over six months, the scrip was up by 0.99% and surged 35.18% year-to-date.

The pharma major hit its 52-week high of ₹395.80 on September 17, 2024.

The company has a total market capitalisation of ₹41,252.62 crore as of December 24, according to the NSE.

With PTI inputs

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Biocon shares ascend 5% as company receives approval for diabetes drug in EU

Biocon past performance

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