Biocon jumps 5 percent on nod for selling product in Japan

Mumbai: Shares of biotechnology major Biocon today jumped by 4.75 percent after the company received approval from the Japanese health authority to sell bio-similar product 'Insulin Glargine' in the country.

Stock of the company rose by 4.75 percent to settle at Rs 486 on NSE. On the volume front, total 5,98,760 shares were traded on the exchange.

On BSE, the shares soared 3.31 percent to close at Rs 479.05. Intra-day it rose 4.65 percent to trade at Rs 485.30.

The company in a regulatory filing said the Ministry of Health, Labour and Welfare (MHLW) of Japan has approved the sale of Glargine, a significant achievement for Biocon and its commercial partner, Fujifilm Pharma.

Biocon's product is a ready-to-use prefilled disposable pen with 3 ml of 100IU Insulin Glargine and is expected to be launched in first quarter of next fiscal, the company said.

The company aims to capture a significant share of the Japanese Glargine market of USD 144 million which is the second largest market outside of North America and Europe and is largely dominated by disposable pens.