Biocon share price gains as its arm NeoBiocon partners with Novartis

By: | Updated: December 10, 2015 4:29 PM

Biocon share price gain as much as 1.63 per cent in the early trade after the company informed BSE that NeoBiocon, a collaboration between Biocon Ltd and BR Shetty led UAE-based Neopharma, has partnered with Novartis Middle East FZE to market diabetes drugs Jalra and Jalra-M in the UAE.

BioconBiocon Chairperson and Managing Director Kiran Mazumdar-Shaw. NeoBiocon, a collaboration between Biocon Ltd and BR Shetty led UAE-based Neopharma, has partnered with Novartis Middle East FZE to market diabetes drugs Jalra and Jalra-M in the UAE. (Reuters)

Biocon share price gained as much as 1.63 per cent in the early trade on Thursday after the company informed BSE that NeoBiocon, a collaboration between Biocon Ltd and BR Shetty led UAE-based Neopharma, has partnered with Novartis Middle East FZE to market diabetes drugs Jalra and Jalra-M in the UAE.

At 10.01 am, the share price of Biocon was trading marginally up 0.16 per cent at Rs 463.30. The scrip opened at Rs 466.50 and had touched a high and low of Rs 470.10 and Rs 461.60, respectively, in trade so far. Later, the scrip closed 2.12 per cent up at Rs 472.35.

The partnership will help NeoBiocon expand its product offerings in the metabolics segment and will immensely benefit diabetics in UAE, Biocon Ltd said in a statement on Wednesday.

NeoBiocon has received approvals from the Ministry of Health-UAE for marketing Jalra and Jalra-M in the country and the launch is scheduled for January 2016, it added.

For the quarter ended September 2015, Biocon posted a consolidated net profit of Rs 305.97 crore, up 199.82 per cent, against Rs 102.05 crore in the corresponding quarter a year ago.

In the past one year, the share price of Biocon gained 1.65 per cent to Rs 462.55 on December 9. Sensex fell 9.93 per cent during the same period.

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