Biocon shares gained as much as 2.4 per cent in morning trade.
At 11.15 am, the shares were trading off morning highs at Rs 473.90, up 1.07 per cent or Rs 5.
The company has got approval for insulin Glargine, used to control blood sugar, from Mexican health authority.
The market size of this drug in Mexico is about $40 million, according to analysts. We expect approval for the drug in other geographies, too, they added.