Biocon Ltd partners with Tabuk Pharmaceuticals to commercialize its Glucagon-like peptide-1 products in the Middle East region

Biocon Limited (BSE code: 532523, NSE: BIOCON), an innovation-led global biopharmaceutical company, today announced the signing of a licensing and supply agreement with Tabuk Pharmaceutical Manufacturing Company (a fully-owned subsidiary of Astra Industrial Group), a leading pharmaceutical company in the Middle East and North Africa (MENA) region, to commercialize its GLP-1 products for treating diabetes and chronic weight management, in select countries of the Middle East.

Under the terms of this agreement, Biocon will develop and manufacture the products and Tabuk Pharmaceuticals will hold the marketing authorization rights, and be responsible to register, import, and promote them in the region. The agreement also provides for a provision to expand to other GLP products, as well as the option of a tech transfer that will enable localized manufacturing at a later stage.

Siddharth Mittal, Chief Executive Officer and Managing Director, Biocon Ltd, said, "I am pleased to expand our partnership with Tabuk Pharmaceuticals, which paves the way for our vertically integrated, complex GLP1 formulations entry into Saudi Arabia and other countries in the region. The partnership is further validation of our concerted focus on GLPs and Peptides as future growth drivers. This is another important milestone for Biocon, reflecting our commitment to providing patients around the globe with affordable medications, by establishing a strong portfolio of products, either directly or through strategic partnerships."

Commenting on the development, Ismail Shehadah, Chief Executive Officer of Tabuk Pharmaceuticals, added, "We are excited to announce our partnership with Biocon that will enable us to deliver unique health solutions aimed at enhancing the well-being of people in Saudi Arabia and other countries we operate in. We are confident that this partnership supports our efforts to manufacture and localize a range of GLP-1 products in the region and strengthen our market leading position in the area of diabetes medications, in line with our strategy. This also stands as a commitment from our side to support the 2030 vision of Saudi Arabia through localizing specialty pharmaceutical products in the Kingdom."

Shares of Biocon Limited was last trading in BSE at Rs. 372.50 as compared to the previous close of Rs. 371.35. The total number of shares traded during the day was 115271 in over 2052 trades.

The stock hit an intraday high of Rs. 374.60 and intraday low of 368.50. The net turnover during the day was Rs. 42842070.00.

Source : Equity Bulls

Keywords

Biocon INE376G01013 Licensing SupplyAgreement TabukPharmaceuticalManufacturingCompany