Biocon Limited’s shares were up by 4.76 per cent after the company announced an exclusive licensing and supply agreement with Handok Inc., a South Korean pharmaceutical company, for the commercialization of Synthetic Liraglutide in South Korea.
Liraglutide, an injection in a pre-filled pen, is used for chronic weight management alongside a reduced-calorie diet and increased physical activity. Under this agreement, Biocon will handle the development, manufacturing, and supply of Liraglutide, while Handok will be responsible for regulatory approval and commercialization in South Korea.
The company reported, Handok is known for its diabetes management solutions, including products like Amaryl, Tenelia, and Barozen Fit, a glucose monitoring device. The partnership aims to leverage Handok’s expertise to introduce Liraglutide to the Korean market, which has an estimated market opportunity of $47 million, according to IQVIA MAT Q4 2023.
Siddharth Mittal, CEO and Managing Director of Biocon Ltd, said, “ said “We are pleased to enter into this strategic partnership with Handok, which will enable patients in South Korea dealing with weight management to gain access to our GLP-1 peptide drug product, Synthetic Liraglutide. This also aligns with our commitment to expand our portfolio of innovative, affordable medicines to address the unmet needs of patients around the world. We look forward to leveraging Handok’s strong capabilities to help patients in the region better manage their disease.”
The shares were up by 4.76 per cent to ₹330.35 at 10.19 am on the BSE.