Biocon signs agreement with Medix for commercialisation of chronic weight management drug Liraglutide

Biocon will undertake the responsibility of obtaining regulatory approval, manufacturing and supply of the drug product while Medix will be responsible for its commercialisation in the Mexican market. The total addressable market opportunity of Liraglutide for obesity indication in Mexico is approximately $37 million as per the IQVIA MAT Q42023.

Carlos Abelleyra, Chief Executive Officer, Medix, said according to the World Health Organization (WHO), Mexico is the second country with the highest prevalence of overweight and obesity worldwide.

Biocon is a biopharmaceutical company that has developed and commercialised novel biologics, biosimilars and complex small molecule active pharmaceutical ingredients (APIs) in India and several global markets, as well as generic formulations in the US and Europe.

During the third quarter of fiscal year 2024, Biocon’s consolidated revenue rose 50% year-on-year (YoY) to ₹4,519 crore. The revenue growth was supported by income from the divesture of two non-core business assets of Biocon Biologics’ Branded Formulations India business, amounting to ₹350 crore and a gain of ₹456 crore from Biocon’s stake dilution in Bicara Therapeutics, it said.

Earnings before interest, tax, depreciation, and amortisation (EBITDA) for the quarter increased by 106% to ₹1,492 crore while EBITDA margin for the quarter stood at 33% compared to 24% in the same period last year. The firm reported a net profit of ₹660 crore compared to a net loss of ₹42 crore in the same quarter of the previous year.

Shares of the company have gained over 17% since the beginning of the year. The stock has risen over 21% in the last one year.